Hargreaves Lansdown is to launch a cautious managed multi-manager, taking the number of fund of funds it runs to four.Launching on June 5, the HL Multi Manager Cautious Managed Trust will principally hold underlying funds that invest in British equities and bonds. The offer period for the fund, which is structured as a non-Ucits retail scheme (Nurs), begins next week and the fund will sit in the IMA Cautious Managed sector. While already having a full suite of equity funds, Gardhouse says as the Special Situations and Income & Growth portfolios are fairly aggressively managed, they do not provide much protection in tougher market conditions. “We want a complete suite of risk levels in the funds we manage,” he says. “This fund will contain the best bond fund ideas from our other funds and equity fund ideas from the Income & Growth fund.” At launch the fund will hold 44% of its assets in UK equity income funds, 11% in growth funds, 21% in bond funds, 20% in other bond funds and 4% in other income- oriented funds, namely the First State Asian Equity Plus fund. Owing to the fund’s Nurs status, Gardhouse can also hold hedge funds, individual equities, property funds and qualifying investor schemes in the portfolio. However, at launch, none of the fund will be held in such assets, he says. “This is not a cash plus fund,” Gardhouse adds. “We believe it will appeal to those nearing or already in retirement, as it is ideal for drawdown clients who want consistent absolute returns over the medium term.” In addition to launching the new fund, Hargreaves is to change the name of the HL Ultimate Managed Trust to the HL Multi Manager Balanced Managed fund this week. No changes will be made to the fund as a result. “The name change simply makes our suite of funds more understandable,” says Gardhouse.