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By Nick Reeve | Published Jul 09, 2012

US asset manager opens six new products to UK

Wells Fargo Asset Management is making six funds available to UK retail investors, in a renewed push into the market.

The fund manager – which is owned by California-based banking giant Wells Fargo – launches the new funds today, along with an existing range of seven products which are available on 13 platforms in the UK.

The six new products are the Wells Fargo Emerging Markets Equity II, Wells Fargo Emerging Markets Income and Growth, Wells Fargo Global Opportunity Bond, Wells Fargo Precious Metals, Wells Fargo US Premier Growth and Wells Fargo US Short-Term High Yield Bond funds.

The now 13-strong fund range is structured as a Luxembourg Sicav, and the company has indicated plans to expand the range in several jurisdictions across Europe, as part of a stated aim to become one of the top 20 asset managers on the continent.

The Emerging Markets Equity II fund will be run by Jerry Zhang and Derrick Irwin, who run the existing $472.8m (£304.7m) Wells Fargo Emerging Markets Equity fund, launched in December 2010. Since launch the fund has lost 14.8 per cent, compared with a 10.3 per cent fall in the MSCI Emerging Markets index, according to FE Analytics data.

The US Premier Growth fund is run by the management trio of Thomas Ognar, Bruce Olson and Joseph Eberhardy. The three managers also run the $463.9m US All Cap Growth fund, launched in the UK in May 2008. Since then, the fund posted a 77.6 per cent gain compared with a return for the Russell 3000 Growth index of 25.7 per cent.

Each of Wells Fargo’s 13 funds has a minimum investment of £1,000, and each has a dollar and euro share class available. The new funds have total expense ratios (TERs) ranging between 1.2 per cent and 2.15 per cent.

The company said all TERs were capped at these levels to ensure that clients in small funds do not pay more than the listed price.

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