BNY Mellon unveils offshore Global Equity Higher Income fund

BNY Mellon has launched a Dublin-domiciled version of James Harries’ Newton Global Equity Higher Income fund – offering sterling, dollar and euro denominated share classes.

The BNY Mellon Global Equity Higher Income fund will be based around Harries' existing £1.2bn strategy, which typically holds between 60 and 80 positions and follows a strict dividend yield discipline.

Any new position must yield 25% more than the FTSE World at the time of purchase, while stocks which start to yield less than the FTSE World will be automatically sold.

The fund aims to achieve increasing annual distributions alongside long-term capital growth, with quarterly payouts.

"This fund offers investors a genuine opportunity to diversify their equity income investments into global markets, making it less reliant on the UK, or any single economy," BNY Mellon says.

"Investor demand to launch the Dublin-domiciled version of the fund ensures full accessibility for clients who may not wish to use sterling denominated UK domiciled funds."