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Integrity Fund Managers have announced plans to launch a new European income fund of funds next month.

The Elite Integrity European Income fund has been designed to fill a key gap in the equity income sector, according to Integrity. It is due to launch on 7 July 2008 with a high yield remit. The fund will have a 14-day initial offer period where investors can take advantage of receiving a fixed price of 100p and the fund incorporates a 50/50 mix of continental European fund managers and UK-based funds when fully invested.

The fund will be managed by Colin Fogwill from Integrity Fund Managers, a trading name of Fogwill & Jones Asset Management, and uses Elite, the third party fund management arm of Way Fund Managers as the authorised corporate director.

He said: "European fund managers have longer track records in managing equity income funds in Europe than their UK counterparts, which will give the fund a unique advantage over other European Equity Income funds, and we believe that this is the first fund of funds of its kind available to UK investors.

"Advisers wanting a solid European equity income fund are not exactly spoiled for choice, hence our decision to focus on this niche area of the equity income sector.

"With the integration that is taking place within Europe and with the continuing development of the emerging European countries, publicly quoted companies are best placed to cash in on the growth that is taking place, which will in turn increase their share price and their dividend stream."