Royal London Asset Management has rejigged its European equity funds, moving away from income and towards a more high-conviction approach.
The firm’s £290m European Income fund has been renamed the Royal London European Opportunities fund and its portfolio has been cut and realigned to focus on growth.
In four tranches of trading over almost two weeks in June, the fund was tightened to just 38 stocks, down from 52.
Neil Wilkinson, formerly sole manager of the £658m Royal London European Growth fund, has taken the lead manager role on the opportunities fund while remaining deputy on the growth fund.
RLAM European equity fund manager Andrea Williams will be lead manager of the growth fund and deputy on the opportunities fund.
Wilkinson says: “Over the past 12 months we thought it was appropriate to make a clear air of difference between the risk profiles.”