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Norris for Argonaut UK recovery fund launch

Ignis Asset Management is looking at launching a UK fund for Argonaut next year.

The new fund would be managed by Barry Norris, with a UK recovery slant likely.

Norris believes that this is the ideal time for British stocks as he feels that most Western equities have bottomed out in comparison with fully valued emerging market stocks.

He has previously stated that the UK could be one of the best performers in 2010 after sterling’s heavy fall.

Norris currently has his biggest country weighting in the UK at 28.1 per cent in his offshore Ignis international Argonaut European alpha fund.

Ignis Asset Management sales and marketing director Jonathan Polin says: “We are looking at something for the Argonaut joint venture in the UK where the team feels there is a huge opportunity next year. It is still at the early stages and, should anything hap- pen, it is likely to be at the end of the first quarter in 2010.”

Chelsea Financial Services managing director Darius McDermott says: “Argonaut is typically a European house but that is not to say they cannot do something in the UK as there are opportunities, and with a business doing as well as that it makes sense to grow.”

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