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Capital Group bolsters line-up on giant fund’s mirror strategy

Capital Group bolsters line-up on giant fund’s mirror strategy

Capital Group has assigned Eric Stern to work alongside the existing six-strong team running its AMCAP fund, Citywire Selector has learned.

Stern, who is named manager on two global funds at the giant US manager, will now also lend his talents to the Luxembourg-domiciled strategy – which is a mirror of the firm’s US-domiciled growth strategy – with $66 billion in assets under management.

The appointment means Stern will work alongside the existing team of Claudia Huntington, Lawrence Solomon, Eric Richter, James Terrile and Barry Crosthwaite.

This was the fifth fund to be launched by Capital Group as part of its plan to move more aggressively into the European funds market. In the same vein as its larger US equivalent, it was designed to access quality growth companies with clear business models and proven track records.

It is understood that the Luxembourg-domiciled version of the fund, which was formally launched in 2017, has around $100 million in assets under management. On a one-year basis, the fund has returned 8.9%, while the average fund in the Equity – US sector returned 11% over the same period to the end of October.