RWC launches Global Value fund for Purves and Lance

RWC Partners has soft-launched a Global Value fund for former Schroders income stars Nick Purves and Ian Lance.

The unconstrained global portfolio will harness the deep value investment style that Purves and Lance employ in their income funds at RWC.

The fund will also look to build on the large overseas weightings the pair have typically employed in their income portfolios at RWC and at Schroders, where they managed the £1.5bn Schroder Income fund.

"Nick and Ian have always had a value tilt to the way they do income investing, and their portfolios have always held as much as they've been allowed to overseas," said Dan Mannix, head of business development at RWC.

The fund is the third RWC offering to be managed by Purves and Lance. RWC launched Enhanced Income and Income Opportunities funds for Purves and Lance when they joined from Schroders last year.

As of 30 June, the Income Opportunities fund held just under 50% of its portfolio overseas, with 22% in North America and 9% in Europe ex UK.

"There will be quite a high commonality of names between the funds, though clearly you have a slightly different remit without the income target", said Mannix.

RWC has seeded the fund with internal money, and though it is open to investment the company has no plans to market the offering to external investors for at least 12 months.