Allianz Global Investors has created sterling hedge share classes for two of its offshore vehicles, the Allianz Income and Growth fund and the Allianz Flexi Asia Bond fund.

Managed by Doug Forsyth, the £241 million ($359 million) Allianz Income and Growth fund invests in a mix of global equities, bonds and convertible bonds and the new share class will distribute a monthly 6 per cent pay-out.

Launched in November 2011, the fund has outperformed its benchmark, the Lipper Flexible Portfolio Funds Average, returning 18.7 per cent as of June 2013.

The £377 million ($562 million) Allianz Flexi Asia Bond fund, managed by Cheng Chee Seng, was launched in April 2012 and performed strongly until the recent sell-off in emerging market bonds. The fund, focusing on Asian bonds and currencies, was especially hit by the Chinese sell-off.

Allianz Global Investors has some €316 billion ($406 billion) in assets under management for individuals, families and institutions worldwide.