M&G makes first foray into absolute return with double fund launch

AR bond fund for Jim Leaviss

M&G has launched two absolute return funds, the firm's first venture into the asset class.

The Absolute Return Bond fund is managed by head of retail fixed interest Jim Leaviss (pictured) and Wolfgang Bauer as deputy manager. The fund targets a combined income and capital growth of at least three-month GBP LIBOR plus 2.5% a year over any three-year period, before any charges and in any market conditions. Leaviss and Bauer will have the ability to change the blend of duration, credit and currency exposure based on their outlook and the fund will aim to have a high level of diversification. The second vehicle is the Global Target Return fund, managed by Tristan Hanson with...