The Invesco Perpetual Global Distribution fund will have a similar structure to the firm's top performing £2.8 billion Distribution fund, with the key difference being its ability to invest in overseas equities.
Invesco co-fixed income heads Causer (above right) & Read, both + rated by Citywire, will continue to have a broad remit in the new fund to invest in a range of bond classes, including investment grade, high yield and government bonds alongside cash. At least 60% of assets will be invested in cash or traditional fixed income.
The pair will also determine the level of equity exposure the fund should have, which will vary between 20% and 40%. Mustoe, head of the five-strong Invesco Perpetual Global Equity Income Group, will provide stock selection.
Mustoe runs a range of global equity portfolios for Invesco, including the firm's Global Equity Income fund, which has returned 46.5% in three years to the end of March versus 27% rise in the FTSE World index.
Causer said: 'A fund that can combine our bond ideas with an income-focused global equity strategy is attractive for us as fund managers.
'It gives us the ability to access income where it appears to be best value at different points in the cycle across a wide investment universe. It also enables us to position the fund for capital appreciation when we see the potential for that.'
Invesco Perpetual head of UK retail Ian Trevers added: 'Low returns from deposit products are driving demand for funds which offer genuine diversification and meet a need for income.'
The UK version of the fund, which Causer and Read had co-managed with former manager Neil Woodford until his recent departure, has returned 36.1% in the three years to the end of March versus a 17.5% gain in the LCI UK Balanced index.
Last October Invesco put Citywire AA-rated Ciaran Mallon in charge of the equity component of the fund.