UK-based Legal & General Investment Management (LGIM) has introduced the real income builder fund to serve investors planning for retirement.
The new fund will mainly invest in large capitalisation equities and investment grade fixed income securities.
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It is targeted towards savers in defined contribution schemes, individual pension investors, as well as other long term savers including retail and private wealth clients, charities and foundations.
It plans to generate income from dividends and interest that grows by inflation plus 4% per year in three-year rolling periods, and grow total returns in line with income, Legal and General said in a statement.
The fund is managed by a team headed by LGIM head of active equity Lance Phillips.
Commenting on the fund’s launch, LGIM head of UK retail sales Simon Hynes said: "Real Income Builder’s investment objectives and approach are well positioned to address the needs of our clients. It brings much needed innovation to the table as the shift towards more outcome-focused investment solutions continues."
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