Milan-headquartered mutual fund company Pioneer Investments has launched a Luxembourg-domiciled version of its US-based Multi Asset Real Return Fund.

The fund will be managed by the same team and in the same way as the US-domiciled fund, which was launched last year. The team’s lead manager is Michele Garau, backed up by Kenneth Taubes, head of investment management for the US, and associate portfolio manager Howard Weiss.

As the name implies, the fund is not constrained by single asset classes to hedge inflation. At the end of October, the US fund had nearly 60 per cent invested  in equities - one third of that in the US market - and 30 per cent in fixed income.

The fund is currently available to investors in France, Germany, Italy, the Netherlands, Portugal, Spain and Switzerland.