Neuberger Berman, the private investment manager, has launched an absolute global bond fund which aims to generate an annual return 4 per cent above cash.

Neuberger Berman said the Global Bond Absolute Return fund is Irish-domiciled and co-managed by London based portfolio manager Jon Jonsson and Chicago-based portfolio manager Andy Johnson.

The fund has an absolute return objective and utilises a proprietary framework that combines multiple alpha sources generated across the wider Neuberger Berman fixed income platform.

It was launched with assets of $42 million targets a low beta to fixed income markets over a full market cycle.