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The UBS US Growth Fund – which will be launched on 10 November, subject to FSA approval – will be managed by its New York-based growth investment team.

Ben Lloyd, head of UK marketing at UBS Global Asset Management, said the new fund was being launched to take advantage of undervalued stocks in the US market.

He said: "While acknowledging market volatility, the US market currently offers one of the most attractive opportunities to invest in recent history."

According to Lloyd, the fund managers will invest in quality, growing companies where market price and the potential for future growth have been underestimated.

The fund will invest in 35-55 stocks across a broad range of sectors in the US.

Lloyd said the team would be using its own global equity risk management system, together with the MSCI Barra model, for assessing risk exposure to individual positions, sectors and other characteristics.

John Beale, marketing manager at Shropshire-based IFA PI Financial Dixon Sutcliffe, welcomed the launch of a new fund in the current economic climate.

He said: "We’ve seen a couple of US launches in the UK at the moment. A lot of people are thinking that, when rationalisation returns to the market, the US will be a good place to return."

Beale said current valuations in the US market could provide investors with a good opportunity when the markets pick up again.