BNY Mellon has expanded its “real return” suite of products with the launch of a sterling share class for its offshore Global Real Return Fund, managed by Newton.
The multi-asset strategy is run by Aron Pataki with Iain Stewart, who also manages the £5.7bn onshore Newton Real Return Fund, acting as alternate manager.
It is a sub-fund of the Dublin-domiciled Managed Global Funds range and is based on an underlying strategy launched in 2004, which is already available in euro and dollar share classes and has nearly £7bn in AUM.
The fund uses Newton's global thematic process and aims to deliver a total return of cash plus 4% per annum over five years.
It has no minimum or maximum exposure levels to any single asset class and also has no specific geographic or sector restrictions, although the fund is not allowed more than 5% in any one company or more than 20% in any global industry sector.
The fund launched on 14 June and will have the same asset allocation and risk and derivative strategies as the other two share classes, but it will differ slightly in the underlying base currency exposure.