The Jupiter Enhanced Distribution Fund will target an estimated 4% yield, paid on a monthly basis.
Around 60% of the portfolio will be held in in fixed income, decided by Petheram, while Gunn will helm the 40% allocated to equities.
The fund sits within the IA Mixed Investment 20-60% Shares sector.
The pair also run the £584m Jupiter Distribution Fund in Mixed Investment 0-35% Shares and £538m Jupiter High Income Fund in Mixed Investment 40-85% Shares.
Jupiter said the new fund will appeal to investors seeking regular income following retirement, or those looking for capital growth through accumulated income.
The annual management charge for retail investors is 1.25%, with an initial charge of up to 5.25%.
“With two talented managers at the helm, a competitive fee structure and a monthly income, we believe that the Jupiter Enhanced Distribution Fund should quickly make its mark with advisers and investors,” said Stephen Pearson, Jupiter’s head of investments.
“The new fund complements our mixed asset product range, sitting between the lower-risk Jupiter Distribution Fund aimed at cautious investors, and the Jupiter High Income Fund, with its higher risk profile due to its greater stock exposure.”