Nordea targets UK wealth managers with quadruple fund launch

Nordea Investment Funds has cherry picked four of its 44-strong Luxembourg-domiciled fund range for sterling share classes.

The four includes the $472 (£307) million Nordea 1 North American Value fund, which was the fourth best Luxembourg US fund in 2009 with a return of 54.2%.

The fund, which is outsourced to Gregg Powers of Legg Mason subsidiary Private Capital Management, focuses on companies trading significantly below their fair value.

Nordea has also added a sterling share class to its North American Growth fund managed by Santa Monica-based Aletheia Research and Management.  

The other two funds which have are been made more accessible in the UK are the internally managed Emerging Consumer Fund and the Far Eastern Equity fund, managed by Singapore-based Tokio Marine Asset Management.

Commenting on the news, Nordea head of UK wholesale distribution Paul Malpas said: 'Since implementing our multi-boutique strategy we have seen growing interest in our fund range from UK investors. We already have some discerning high profile multi-managers investing in our products, but to make them more accessible to wealth managers we needed GBP share classes.'