Citiwire reports that Fidelity has launched a new absolute return credit fund run by portfolio manager Ian Spreadbury who specialises in European high yield credit. According to the article, the Fidelity Funds Global Credit Opportunities fund will exploit anomalies produced by the credit crunch in a wide range of credit assets around the world and can invest in investment grade, high yield and emerging market debt as well as asset backed and convertible bonds.

The fund, which is available as either a Luxembourg Sicav or UK Oeic, is benchmarked against the sterling Sonia Index, and has an annual management charge of between 0.5% and 1%.