M&G has launched an offshore version of Richard Woolnough’s Strategic Corporate Bond fund.
The Guernsey fund was launched on Friday (July 10) as a direct feeder fund exclusively linked to Woolnough’s Strategic Corporate Bond fund.
M&G says it was launched in response to demand from its offshore client base, and complements the existing offshore fund range which includes the Offshore Corporate Bond and Offshore Optimal Income funds.
The Offshore Strategic Corporate Bond fund has a distribution yield of 5.36% and mirrors the onshore £1.25 billion vehicle.
M&G recently announced Woolnough was repositioning this fund, converting it into a standalone Ucits III vehicle.
Although the stated annual management fee is 1%, M&G says this has been waived, and trail commission is available up to 0.25%.