Threadneedle has added a long/short Credit Opportunities fund to its absolute return product range.
The new vehicle will be managed by Barrie Whitman, the head of high yield, alongside Roman Gaiser, a high yield fund manager, and Alasdair Ross, an investment grade credit fund manager.
Credit Opportunities has a Ucits III structure and can hold short positions using derivatives as well as using cash strategically.
Credit Opportunities will focus primarily on the investment grade and high yield markets but will also be able to elsewhere in the credit spectrum. It aims to deliver one month Euro Deposit Rate plus 350 basis points per year, gross of taxes and charges.
The fund has British distributor status and will also be registered in Europe in the coming months, the group says.