The aim of the fund is to produce similar returns to equities and to offer a hedge against inflation, but with a lower degree of risk and volatility than equities.
It will invest in a broad selection of high yield corporate bonds with credit ratings from BB+ to CCC- and is benchmarked against a customised Merrill Lynch High Yield index, with 50% in euro and 50% dollar hedged.
The manager of the fund is Stefan Chappot and it will have an AMC of 1.10%.
Christophe Bernard, chief strategist of the Vontobel Group, which describes itself as a globally-oriented Swiss private bank, said: "With interest rates so low and massive public debt, government bonds have become less attractive.
"At the same time equities are very volatile and set to move sideways in the medium term. In such an environment high yield bonds offer a good alternative for investors searching for attractive returns."