The fund will source returns from a wide range of BlackRock fixed income strategies in what is supposed to be a best ideas product.
The BlackRock BSF Global Absolute Return Bond Fund will target positive performance above Euribor in both rising and falling yield environments.
It will invest across global rates, emerging markets, investment grade credit and high yield credit strategies, among others.
Alex Hoctor-Duncan, head of BlackRock’s EMEA retail business, said: "Investors are demanding more from fixed income managers at a time when finding value in global fixed income markets is becoming more difficult.
"The BSF Global Absolute Return Bond Fund has been built for these times, and aims to move investors away from traditional ways of fixed income investing in order to help them achieve their investment objectives in the longer term."