Wealth and investment manager Walker Crips announced today that they are launching the United Kingdom's firs regulated bridging finance fund on the first day of August. The TB Walker Crips Income from Short Term Lending Fund was directed towards its newly established alternative investments unit.

The fund was created for the 8.4% annual income target of the company. The firm said that it will be able to reach this target by providing credit to short term lenders which provide residential property bridging finance loan services.

James Allen was announced to be the manager of the fund. He was named as Walker Crips new member, tasked to manage and create this very fund.

The company said that it will take responsibility of all operating costs related to the fund. Costs on the fund will remain below 2%, and charges will be made from the revenue.

"At Walker Crips we are continually developing our product range to ensure we offer innovative investment solutions which meet the evolving needs of our client base," said Sean Lam, the group managing director of Walker Crips.