Wells Fargo Asset Management has launched the US Select Equity Fund as a new sub fund to its Luxembourg domiciled Wells Fargo (Lux) Worldwide Fund, which will provide a style neutral all cap strategy.
The new fund will be managed by Chicago based Richard Weiss and his US equity team. Weiss is a managing director and senior portfolio manager for the Select Equity team at Wells Capital Management, one of the affiliated investment advisory companies within Wells Fargo Asset Management.
The fund will invest mainly in the equities of some 30-40 US companies of any market capitalisation value, where the team sees opportunity for capital growth. The strategy has been used previously on behalf of institutional investor accounts since inception in December 1996.
Ludger Peters, managing director, international business development, Wells Fargo Asset Management said: “We are pleased to offer US Select Equity to our growing international client base and to diversify our product lineup by adding a fund with substantial exposure to US securities across the market capitalisation spectrum. Led by a proven veteran manager, we believe this opportunity will reach capacity very quickly.”