M&G has launched a European equity fund in response to demand from UK investors.
The actively managed European ex-UK Fund, is managed by Richard Halle.
He said: “European equities are currently trading at a significant discount to their US counterparts in almost every sector, which is very encouraging for investors.
“In a global market dominated by expensive US growth stocks, we are actively identifying compelling opportunities in under-appreciated European businesses with good potential.
“As investor interest refocuses on fundamentals and structural reforms creating a more supportive environment for value investing, now is a very exciting time for investing in Europe.”
M&G said it has a 20-year record of managing the strategy on behalf of M&G’s £128bn With Profits Fund and is now making it available to external investors in the UK for the first time.
Ben Yearsley, investment consultant at Fairview, said he has already allocated to the fund for clients.
He said: “The manager had a track record of managing money for institutional clients and offshore clients at M&G and Prudential.
“His offshore fund performed well, that was Europe including UK, this fund has just carved out the European bit of that strategy. We had a call with the manager and found him to be very impressive.”
tara.o’connor@ft.com
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