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London borough seeds Fidelity income fund

Fund seedingA London council has allocated money to two Fidelity International strategies, including seed money for an income fund.

The London Borough of Bromley has invested £80 million (€90.6 million) in the Fidelity Institutional Diversified Income Fund, which aims to deliver an income of above 4% per year.

The fund is a variation of Fidelity’ multi-asset income strategy and is being launched for institutional investors subject to regulatory approval.

The income will be managed by lead portfolio manager Eugene Philalithis and will provide global exposure to a range of income-generating asset classes.

Additionally, the London borough has allocated £50 million to the Fidelity UK Real Estate Fund.

Paul Harris, relationship director, Fidelity International, said: “In today’s changing investment environment, we are finding increasing demand for our multi-asset and real estate solutions as clients look to diversify their portfolios and boost their capacity to generate income.”

Fidelity International has £77.4 billion in assets under administration.

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