Lazard Asset Management is launching a European High Yield Bond Fund with a target gross yield of 10.7 per cent.
The fund will be a sub-fund of Lazard's Dublin-based Global Bond Fund, a Dublin registered UCITS recognised in the UK.
It will invest mostly in European bonds with a rating lower than investment grade, but will also offer exposure to euro-hedged US high yield securities.
The initial charge is 5 per cent and the annual management fee is 1.25 per cent.
The fund's benchmark will be the Merrill Lynch European Currencies High Yield Index.
Lazard has no plans to include it in any Pep and ISA products.