New funds: May 31

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● Alliance Trust Asset Management will roll out the Monthly Income Bond mid-June, focusing on UK high-quality corporate bonds. The fund, which is being launched with £100m (€117m, $145m), aims to generate a 6.3 per cent annualised income yield, paid monthly.

● Cavendish Asset Management has brought out two UK equity funds, the UK Balanced Income Fund, an equity and bond income fund, and the UK Select Fund. The latter focuses on the FTSE 350.

● Aethra Global Strategies Fund has just been launched by Aethra, the investment boutique, and listed on the Amsterdam stock exchange. The macro long/short Ucits fund has an absolute return target of cash plus 10 per cent, focusing on return differentials between global equity, bond and cash markets, using exchange traded futures and foreign exchange forward contracts.

● UBS Global Asset Management has brought out a multi-asset fund, the Life Diversified Return Fund, focusing on equities, bonds and alternatives. Aimed at pension funds, it will include a performance fee based on performance relative to liabilities.

● IndexIQ has unveiled the latest in its family of single country small-cap exchange traded funds with the IQ Taiwan Small Cap.

● OFI Reim and F&C Reit have made an initial closing of almost €100m of Fosca 11, the closed-ended investment vehicle focused on the French commercial property sector. European institutional investors, largely insurance companies and pension funds, have been the main subscribers.

● Source has launched the S&P 500 ETF, tracking the S&P 500 total return (net) index. The management fee is 0.20 per cent a year.

● Blue Sky Asset Management has launched a second version of the Enhanced Growth Plan, FTSE 100 series. It offers a minimum return of 25 per cent if the index closes at or above its starting level after six years, and twice the index return up to 90 per cent. There is 100 per cent capital protection provided the index falls no further than 50 per cent.

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