Investec creates high yield fund

Investec has said its forthcoming Monthly High Income fund launch will not carry a target yield as the group believes it would hinder active management of the portfolio. The fund, which is being created in the second tranche of the group's Oeic conversion process, is to be run by Michael Markham and will target total return. It plans to launch with a net yield of 10%, to be achieved through investing in predominantly euro-denominated high yield debt. The fund will be available to investors from 17 December and will have an annual management fee of 0.65%, initial change of 3.5%, commissi...