Ignis Asset Management is the latest asset manager to launch a UCITS-compliant credit strategy.
Credit was the top strategy for pulling in assets into new funds into the UCITS wrapper with $1.4 billion in six funds launched last year – with BlackRock, Pictet and Schroders all launching funds.
Earlier this year Cheyne Capital Management launched its global credit fund.
The Ignis Absolute Return Credit Fund has opened with internal and third party seed capital of $31 million (£20 million).
The fund is managed by Chris Bowie, head of credit, and his team, who manage $21 billion (£13.6 billion) of assets.