Capital Group reveals Luxembourg range ambitions
US fund giant Capital Group has announced plans to build its Luxembourg fund range by launching at least one new fund each year over the next three years.
This comes as the group, which manages over $1.6trn in assets under management, celebrates half a century in Europe having launched its €500m Global Equity fund (LUX) in 1969.
Founded in 1931, Capital Group now has 40 strategies spanning equities, fixed income and multi-asset, all of which follow a multi-manager structure. After SICAV-format launches over the last five years, 23 are currently available to European and Asian investors.
Hamish Forsyth, president of Europe and Asia, Capital Group, said: "Capital Group's 50th anniversary of offering funds to European investors is a significant milestone.
"In the past five years, we have launched ten Luxembourg funds, bringing to investors in Europe some of our firm's largest, oldest and most successful investment strategies."Our team in Europe is now over 500 associates in eight offices and growing. I am proud of our achievements in Europe and excited by our current success."
Meanwhile the New Perspective fund, often touted the group's flagship product, which launched in the US in 1973 and converted into a SICAV in 2015, surpassed $4bn at the start of the year.David Polak, who represents the group's global equity services and leads its equity investment specialist team, said response to the fund, which aims to offer a "smooth pattern of returns from a focus on multinational companies with diversified growth" has been especially strong in Europe.
Since launching as a SICAV to 12 February 2019, the New Perspective fund has returned 55% in line with its MSCI AC World benchmark return and ahead of the IA Global sector's average return of 43%, according to FE.
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