The aim of the fund is to provide an above average level of total return, which is measured against the three-month GDP LIBOR and the average return of the IMA £ Strategic Bond sector.
The Ucits-compliant fund has the ability to invest in government and corporate bonds, convertibles, convertible preference shares, index-linked securities, derivatives, money market instruments, deposits and cash across the globe.
Akel, who also manages GLG’s Global Corporate Bond Fund, can take synthetic short positions using credit default swaps, which GLG said would capture the asymmetric risk/return payoff in fixed income as a driver of positive returns.
While the fund will be able to short individual names and indices, it will not have the ability to go net short at the total exposure level.
It will also move freely between different duration lengths, although it will not be able to take a fully negative duration position.
Axel said: "I am looking forward to running a strategy with this degree of flexibility, both across the credit universe and geographically.
The current uncertain market environment has created challenges, but also opportunities for fixed income investing globally."
The UK-domiciled fund has an AMC of 1.25% and a minimum investment level of £1,000.
