Aviva Investors, the global asset management business of Aviva,has unveiled a new fund.

Aviva Investors, the global asset management business of Aviva,has unveiled a new fund. Called the Aviva Investors Multi-Strategy Target Income fund, it is the second in its AIMS absolute return range.

Launching before 2015, the new income fund will levy an entry charge of up to 1 per cent on execution-only retail investors. That will be waived for those buying through an advisor. The retail ongoing charge figure is 1.1 per cent. Institutional has no entry charge with an OCF of 85 basis points.

Set up by Aviva Investors chief executive and former manager of the £22.6 billion Standard Life Global Absolute Return Strategies fund Euan Munro, the fund aims to use Aviva’s broad investment resources to feed a best ideas approach.

Multi-asset head Peter Fitzgerald and managers Nick Samouilhan and Brendan Walsh will run the fund. Former SLI GARS fixed income specialist Ian Pizer is expected to manage the fund as well.

The AIMS Target Income fund pursues a 4 per cent annual return above the Bank of England rate before corporate tax. It will also target volatility half that of global equities over any three-year period.