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Invesco launches second multi-asset fund for GTR team

Invesco launches second multi-asset fund for GTR team

Asset manager Invesco has unveiled a second multi-asset fund for the trio of fund managers hired from Standard Life Investments two years ago, Citywire Global can reveal.

The firm initially launched the Invesco Global Targeted Returns (GTR) fund for the trio of David Millar, head of multi-asset, David Jubb and Richard Batty at the end of 2013.

The three managers were brought on board from SLI where they played a role on the popular Standard Life Global Absolute Return Strategies fund, which is more commonly known as GARS.

In this latest development, the trio will now also oversee the Luxembourg-domiciled Invesco Global Targeted Returns Select fund, which also operates on a multi-asset basis.

This fund aims to achieve a positive total return in all market conditions over a three-year period, while targeting a return of 5% gross per annum above the three-month Euribor, or equivalent.

All investments will be held on a two- to three-year investment horizon and will be drawn from across economic areas and different asset types, which include equities, credit, interest rates, currencies, commodities, inflation, real estate and/or volatility.

According to documents seen by Citywire Global, the fund will seek to minimise risk and improve diversity by holding a minimum of five individual investment ideas from a minimum of three different asset types at one time.

In addition, the fund will not hold any fixed income instruments with a credit rating of below B- by Standard and Poor’s, as well as holding no securitised debt.

The fund, which was formally launched on November 27, is currently Luxembourg-domiciled with further registrations to follow, it is understood.

The Invesco Global Targeted Returns fund returned 4.7% in the 12 months to the end of October 2015. This compares with an average manager return of 3.3% by the peer group of the Alternative Ucits – Multi-Strategy sector over the same period. Both figures are in euro terms.

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