Kleinwort Benson, the UK-based private bank, has expanded its Enterprise range of open-ended funds with a new fixed income product, What Investment reports.

The fund is intended to generate income but also offer the possibility of capital growth via a portfolio of corporate and government bonds. It will also, however, reportedly invest in equities and collective investment schemes, along with employing derivatives.

The new vehicle joins the bank’s Enterprise Equity Income Fund. The range had previously included the Enterprise Growth Fund but this was merged with the firm’s CF KB Capital Growth fund, the publication said.

Investors will receive income quarterly, provided sufficient is available, in December, March, June and September.

The fund’s annual management charge will be between 1 and 1.25 per cent, with an initial charge of 7 per cent. It carries a minimum investment threshold of £50,000 (about $82,000).