Invesco Perpetual are to launch the Global Income Trust, which will invest in a portfolio of high yielding stocks from across the world.

The closed-end fund, to be managed by Paul Boyne and Doug McGraw, is aiming to raise £100 million. The fund is targeting an initial 3.5 per cent annualised yield, that will be payable quarterly from a portfolio of between 50 and 70 stocks.

Boyne currently manages the Invesco Perpetual Global Equity Income and Invesco Perpetual Global Opportunities open-ended funds.

The trust will aim to grow the dividend by 6-12 per cent per year, with the first dividend payment expected for August. It will have a managment fee of 0.5 per cent of the trust's net asset value, and expects the initial total expense ratio to be less than 1 per cent.

The closed-end fund will have a performance fee of 10 per cent of the increase in net asset value per share in excess of the MSCI World index total return, capped at 1.5 per cent of the net asset value of the trust.

Simon Elliott, head of research at Winterflood Investment Trusts, said, 'Clearly there is a demand for inceom weighted investment trusts given the ability to use reserves to smooth over dividend pay-outs and use gearing. There are quite a few of these products out there at the moment.'

The move comes as Henderson prepares to launch its own global income investment trust, the Henderson International Income Trust, which will pay out and the recent launch of Gervais Williams's new UK-focused investment trust.

The Henderson International Investment Trust will aim for an initial yield of 4 per cent and is managed by a team led by Ben Lofthouse that includes head of multi-manager Bill McQuaker, Antony Gifford, Mike Kerley and John Patullo.