Wells Fargo Asset Management has registered its investment sub-funds under the Wells Fargo (Lux) Worldwide Fund for distribution in Italy to retail investors, as part of a plan to boost its international footprint.
The global asset management company said that the funds are accessible to the Italian retail market through licensed third-party distributors.
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Wells Fargo (Lux) Worldwide sub-funds available in Italy for retail investors include China Equity Fund, Emerging Markets Equity Fund, Emerging Markets Equity II Fund, Emerging Markets Income and Growth Fund, Global Equity Fund, and Global Opportunity Bond Fund.
Other funds available in Italy encompass Precious Metals Fund, US High Yield Bond Fund, US Large Cap Growth Fund, US Premier Growth Fund and US Short-Term High Yield Bond Fund.
All these funds provide Italian investors various types of investments from experienced portfolio managers whose investment strategies have been unavailable or under-represented in these markets, claims Wells Fargo.
Wells Fargo Asset Management has appointed Société Générale as a correspondent bank in Italy, in a bid to facilitate retail business.
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By GlobalDataThe company said that some of these funds are also registered for sale in Austria, Finland, France, Germany, Hong Kong, Ireland, Luxembourg, The Netherlands, Norway, Singapore, Spain, Sweden, Switzerland and the UK.
Wells Fargo Asset Management international business development managing director Ludger Peters said, "We believe further expansion into the European asset management marketplace, which has an approximate market size of $18.4 trillion5 and a growth rate markedly faster than that of North America, is the logical next step for our growing international fund lineup."
"The latest registration of our funds for distribution in Italy will now allow both institutional and retail investors access to more of our established portfolio management teams and provide them with fund options that have the potential to serve as valuable complements to their existing investments."
