The Europe ex UK fund is to launch on 17 October and will be run as a concentrated portfolio of around 60 ‘best ideas’ stocks. As a bottom-up proposition, its benchmark is the FTSE European ex UK index.
Commenting, Mark Page said: “The case against European equities is well rehearsed. Yet the case for investing is also clear. With some of the most consistent creators of shareholder value trading at ‘value’ type multiples, there is a great deal of bad news already in the price. The average European company is trading at a significant discount to historic and relative values.
Page and Millet joined in July and September respectively from LV= Asset Management, where Page was head of European equities and Millet worked for him as a European fund manager.
Prior to LVAM, Page had joined Schroders in 1990 as a fund manager and by the time he left in 2001 he had become a director of Schroders Investment Management International and deputy head of one of their global equity teams.
Millet joined LVAM as an equity analyst and strategist for a number of European institutions.
