The BNY Mellon Multi-Asset Moderate fund aims to complement the group's existing range, delivering capital growth with the potential for income over the long term.
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It will be managed by Flood, head of mixed assets at Newton IM, with support from portfolio managers Bhavin Shah and Janice Kim.
The fund is unconstrained and has a minimum exposure of 30% in fixed income and or cash investments, aligning it with the Investment Association's Mixed Investment 20-60% sector benchmark.
"With higher levels of volatility expected to define markets for the foreseeable future, investors are seeking solutions fit for this ‘new normal'," said Flood.
"Against this backdrop, bond markets are offering appealing returns to investors looking for diversification within a multi-asset offering.
"The fund adds to our comprehensive range of multi-asset capabilities, reflecting our ability to develop strategies that take account of the regime change we are seeing."
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"The launch of the BNY Mellon Multi-Asset Moderate fund comes at a pivotal time", added Michael Beveridge, head of UK intermediary distribution at BNY Mellon IM.
"It represents the expansion and continued investment in our wider retirement proposition, following the launch of BNY Mellon FutureLegacy, a UK retirement-relevant fund range, and the newly appointed head of retirement".