Fixed-income boutique TwentyFour Asset Management, together with Numis Securities, is launching a fund investing in asset-backed securities – traditionally the realm of hedge funds.

The listed TwentyFour Income Fund will aim to raise £100m to £200m on the London Stock Exchange and hopes to deliver annual net returns of 7% to 10% from investment in asset-backed, floating-rate bonds, the asset manager said in a statement.