British wealth manager St. James’s Place (SJP) has launched new bond and income funds aimed at the retirement market.

The diversified bond fund and the strategic income fund will be available for the wealth managers customers from 2 November 2015.

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The Diversified Bond fund, with yield target of 5%, will be managed by a team of investors including Payden & Rygel, Brigade Capital Management, and TwentyFour Asset Management in London.

The low to medium risk bond fund will invest across global fixed interest markets including sovereign debt, investment grade corporate bonds, and European and US high yield credit.

The strategic income fund will seek a 7% yield and will be managed by US and UK teams under MidOcean Credit Partners, Schroders, BlueBay Asset Management and TwentyFour Asset Management.

The fund will invest mainly in fixed-interest assets, with low reliance on equity markets and low sensitivity to interest rates by combining four strategies.

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The fixed-interest elements of the fund will include US, European and emerging market high-yield bonds. The equity income element of the fund will focus on high-dividend equities, but will also use derivatives strategies to enhance income and volatility controls to reduce downside risk.

St James’s Place CIO Chris Ralph said: "The launch of these new strategies reflects our commitment to continually develop our range of funds, ensuring that our clients have access to a range of investment solutions to help them achieve their long-term objectives.

"This is of particular significance in the evolving retirement landscape, where pension investors have an increased need for sustainable, alternative sources of income."