RWC Partners, the London-based investment manager, has launched a global value fund for Ian Lance and Nick Purves, the managers of the firm’s Income Opportunities fund.

The new UCITS III fund, which is Luxembourg-domiciled, will be unconstrained as to its holdings and can have up to 100 per cent overseas exposure.  Lance and Purves’s existing fund, the RWC Income Opportunities fund, has a 50 per cent overseas exposure and employs a derivatives overlay.

Lance and Purves, who previously worked together at Schroders, manage £1.1 billion ($1.8 million) in assets at RWC. In running the new fund, they will be assisted by analyst John Teahan, who also previously worked with Lance and Purves at Schroders, where they ran its UK Income Maximiser fund.