Leveraged credit specialist Eaton Vance has launched a multi-asset credit fund that will invest in global sub-investment-grade credit.

The fund is an Irish-domiciled qualifying investor alternative investment fund that complies with the Alternative Investment Fund Managers Directive.

It will target higher-yielding credit assets, including global high-yield bonds and floating-rate loans, while up to 40% of its assets may be allocated to “opportunistic and risk-reducing fixed income asset classes”, according to the $318.7bn (€281.2bn) asset manager.

The fund is available to investors in the UK and Ireland, and is due to be registered in other jurisdictions, too.

In other news, Willis Towers Watson (WTW) has launched an equity fund for institutional investors that follows five other pooled funds, including a diversified multi-asset fund.

The fund comprises the top 10-15 stock picks from eight top-rated investment managers, with risk managed at the portfolio level.

The other four pooled funds followed by the fund are two liquid alternative funds and an alternative credit fund.

Together, the six pooled funds have assets under management of around $5bn (€4.4bn).

David Shapiro, portfolio manager of WTW’s Global Equity Focus Fund, said the consultancy “would assert that this high active share fund, offered at such a competitive price, is a world first”.