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.
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.