Tilney Bestinvest, a UK-based investment and financial planning firm, has unveiled a new multi-asset UCITS OEIC fund called the IFSL Tilney Bestinvest British Enhanced Income (BEI) fund targeted at UK investors.
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Managed by chief investment officer Gareth Lewis, the fund will have a fixed price offer period of 100p per share until 12 February and aims to maximise income whilst managing risk.
The fund will have an annual management charge of 0.75% with a minimum investment of £500 if investing through a platform, along with monthly contributions.
The new BEI fund will initially be available on SEI, Cofunds and Pershing, with plans to add further platforms at a later stage.
The multi-asset fund will have a gross yield of 4% and will invest 80% in the UK market, while the remaining 20% will be invested globally.
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By GlobalDataThe new offering will invest 50% in equities, 34% in fixed income and the remainder in cash, property and absolute return vehicles.
It will initially invest in around 18 holdings, mainly within active fund due to the income objective of the fund.
Lewis said: "It is clear that more and more people are driven by the income that their investments yield. This is partly due to people living longer and having to think of ways in order to fund their retirement.
"There has been a growing trend for this as the Equity Income Sector is one of the most popular sectors in the market, and indeed the largest proportion of our own Multi Asset Portfolios is within our Income and Income + Growth funds.
"As such we wanted to have a fund that appeals to those investors with these aims, and believe we have achieved this through the British Enhanced Income fund."
