The fund is planned for launch in the summer subject to regulatory approval and Bowie will be supported by his 15-strong credit team.
It will be a best ideas absolute return credit fund designed to produce positive performance in all market conditions, with a benchmark of cash (euro overnight index average).
The fund will target a low level of volatility with a ceiling of 6% and low correlation to traditional asset classes and it has a global mandate to invest in investment grade and high yield credit via credit default swaps.
Bowie and his team will aim to identify pricing dislocations and to exploit relative value opportunities through pair trades to provide a pure alpha, market neutral product.
Ignis launched an Absolute Return Government Bond Fund in March and the credit team currently manages in excess of £13bn across the fixed income spectrum.
Bowie said: "We have been running our absolute return credit strategy on a shadow basis for approximately a year with a great deal of success. We believe the timing of the launch is now pertinent given the headwinds facing traditional long only credit investment.
"Eurozone weakness, low bank creditworthiness, poor economic data and inflationary pressures are real concerns, and at the very least we are forecasting a prolonged period of volatility for credit markets. Given this backdrop I, and other members of the team, will be personally investing in the fund from launch."
The fund’s A share class has a minimum investment of €1,000 and the I share class has a minimum investment of €1m, both have an AMC of 0.5%.
