Schroder Private Bank’s UK Income Maximiser call overwriting fund had grown to £177m at the end of the first half 2007, up from £160m in June.

The product which sells calls on around 40 UK shares beat its target yield of 7% pa in its first year with 7.4% and is on track to meet its target this year according to a statement form the company.According to a source at the bank, throughout August the fund's overlay strategy has cushioned market falls. Bloomberg shows that from 01 to 28 August, the fund's accumulation units have a total return of 0.10%, while the FTSE100 has a total return of -1.78%.

A new fund based on international equities called Global Equity Income Maximiser is expected to launch later this year, with a European product to follow.

This product appears in continuous products (UK).