OPM Fund Management has bought its second reverse convertible product in two weeks, to benefit from volatility in the share prices of property companies.
The group owns reverse convertibles on Persimmon and Land Securities, as well as Man Group.
OPM will earn 20% over the 12-month life of the latest product, structured by Société Générale, regardless of share price moves.
When the product matures, OPM will have all its capital returned, as long as none of the companies' shares have fallen by more than 30%.
Ross Henderson, a senior investment manager, says: "We were waiting for volatility to pick up before doing these structured products.
"Getting a high income from them takes pressure off the portfolios elsewhere."
"Markets could be down by 10%, but this product gives us an attractive coupon even if this happens," Henderson says.
OPM's Fixed Interest fund has invested 2.7% of assets in the product, while its Equity High Income portfolio has 5.3%.
These funds already have a combined 6.9% in a similar product covering RBS, Barclays and Lloyds Banking Group, which pays 5.3% quarterly.
OPM considered, but recently rejected, a structured product based on miners, because the coupon was not high enough.
