The fund will be managed by Chicago-based Richard T. Weiss and his team. Weiss is a managing director and senior portfolio manager for the Select Equity team at the firm. He has been working on US equity portfolios for over 40-years.
The investment approach for the new sub-fund is to have a style-neutral, all-cap strategy. It will invest principally in the equities of 30 to 40 US companies, of any market capitalisation offering the growth prospects desired.
Weiss has used the strategy in institutional separate accounts since December 1996. It involves a ‘private market value’ concept developed by Weiss.
The fund is benchmark agnostic but will be compared to the Russell 2000 Index and the S&P 500 Index.
“We are pleased to offer U.S. Select Equity to our growing international client base and to diversify our product lineup by adding a fund with substantial exposure to US securities across the market capitalisation spectrum,” said Ludger Peters MD, international business development. “Led by a proven veteran manager, we believe this opportunity will reach capacity very quickly”.
Wells Fargo Asset Management manages US$496 billion in assets globally.