The proposition is currently at the concept stage and has not yet been sent to the Financial Services Authority for their approval, a spokesperson confirmed, adding that any launch will not be before the end of the year.
The spokesperson did say that the current plan is to put together a fund of funds based on the Schroder Income, Asian Income and Global Property Income Maximiser range that are set up to deliver a 7% pa target yield. Any new offering will target volatility close to that of the average Cautious Managed fund with a yield of around 6%. Income will be paid out monthly.
It will be an in-house fund of funds using the above three as well as a number of its own fixed income funds with a total expense ratio of 1.5%.
