The fund would only be the second offering in the Association of Investment Companies Latin America sector, sitting alongside the £305m BlackRock Latin American investment trust.
Invesco Perpetual already manages an open-ended fund investing in the same area. Run by Dean Newman since it was launched in 1994, the £390m Latin America fund has returned 269.5 per cent over five years to April 19, according to Morningstar.
Invesco Perpetual sales director of specialist funds Andrew Watkins says: “We are anxious that any launch should coincide with the manager’s view of the Latin American markets.
“While JP Morgan did well to raise nearly £50m for its Brazil investment trust, we are looking at having a wider remit and a different investment bias.”
Newman would also run the proposed closed-ended trust.