Aviva Investors is launching a multi-asset fund to compete with the wildly popular Standard Life GARS fund, which chief executive Euan Munro helped to develop in his former role.
Munro, who joined Aviva in January from Standard Life Investments, explained in a publicity video that he was committed “to deliver Aviva Investors into these solutions, because I believe they are massively transformational both for clients and for us as a business”.
The Aviva Investors Multi-Strategy Target Return Fund aims for a 5% return above the Bank of England base rate, with volatility between a third and a half of a typical equity fund.
Peter Fitzgerald, head of multi-assets, and Dan James, global head of rates, will manage the fund, supported by a risk analysis and an investment strategy team.
Munro says the multi-asset fund reflects the firm's aims to deliver “simple and specific outcomes from their financial products”.
The Multi-Strategy Target Return Fund is registered for sale in the UK as an open ended investment company. A similar fund will be available in parts of Europe as a Sicav.
The Standard Life GARS fund – which stands for Global Absolute Return Strategies – had more than £20 billion (€25 billion) under management as of the end of April.
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