MAM Funds, the UK-based asset manager, plans to launch a new income fund in the current quarter.

The Miton Global Diversified Income Fund will be managed by James Sullivan and Martin Gray. The firm said in a statement that it will have a global, multi-asset approach and invest in both open and closed-ended collective investment vehicles, with a target yield of 4 per cent a year.

At the end of last month, the firm, which is listed on the Alternative Stock Exchange in London, said its assets under management stayed virtually the same during 2011 and ended the year at £1.7 billion ($2.7 billion). MAM Funds is a trading name of Midas Capital Partners and Miton Asset Management.