Morley Fund Management, which is part of CGNU, has put the spotlight on Europe with the introduction of the European focus fund.
Created as an open-ended investment company (Oeic), European Focus is aimed at medium-risk experienced investors who are looking for growth by investing in European equities.
European focus will be based on the European element of the existing Morley europower pension fund. Both funds are managed by Iain McNeil, who is head of European Equities at Morley, which is based in London.
McNeil will lead an 18-strong team of analysts in picking companies, mostly in the Eurozone area of Europe. The fund will invest in a spread of between 30 and 40 European stocks, with the focus on small to medium cap companies that have good potential for growth.
European focus offers little that is new to the market, with already 106 funds in its sector. The spread of between 30 and 40 stocks is average and makes it similar to the Royal & SunAlliance Investments European prime fund, which invests in 30 European equities.
According to Standard & Poors of the five funds run by Morley, two are third quartile and three are fourth quartile, based on £1,000 invested on a mid-to-mid basis with gross income reinvested over one year to October 8, 2001.