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The product, which will be managed in New York and will go live on Monday, aims to pick stocks with a minimum market capitalisation of about £1.5bn.

Marlene Shalton, managing director of Cardiff-based IFA Chambers Morgan James Financial Management, predicted this offering would not be a success in Britain.

She said: "I can see that UBS is trying to capitalise on the US market while stocks must be at an all-time low and the US large-cap sector may prove value for money at the present time.

"However, I am not sure how attractive UK investors will find this. I am finding a number of my clients are steering clear of anything that smacks of the US at the present time, as they see all the current ills coming from there.

"There are many other opportunities that UK investors may feel more comfortable with, the UK market typically being one of them."

Graham Kane, head of UK retail for UBS, said: "While acknowledging market volatility, we believe the US market currently offers one of the most attractive opportunities to invest in recent history. However, to capture the growth potential available requires a talented and experienced team."

The fund will be run by the company's 28 strong growth investors team, which was set up in 1991 and currently manages around £8bn in assets.

The team aims to invest in quality, growing companies where the market price underestimates the magntitude or duration of future growth.