Mellon Global Investments, a subsidiary of Mellon Financial, has launched a $3bn (€2.4bn) fund, the largest fund launch for Mellon, which will be managed by its Japanese business, Mellon Global Investments Japan.

Mellon said the fund, Nikko Mellon GW Select Best Nine Fund, will be distributed in Japan by Nikko Cordial Securities. The fund is a global fund of funds that aims to achieve a high total return through international diversification across nine asset classes, combining equities and bonds with alternative investments. Investors can choose from an aggressive portfolio and a moderate portfolio with a less risk.