Argonaut's Russ buys into European asset managers

Olly Russ, manager of the Argonaut European Enhanced Income fund, is buying into asset managers in Europe, favouring opportunities in financials which provide an alternative to the banking sector.

Russ (pictured) has added a 2% position in the fund to Swiss-based UBS recently and a 1% weighting to French insurer AXA. "Although there are not many pure play, listed asset managers in Europe, we have added UBS on the basis it has a very good private wealth franchise and is very much de-emphasising the investment bank part," Russ said. "We are looking at asset managers predominantly because you have a structural story going on in Europe. People require the use of asset managers more, and this arena is not as well served yet in Europe as it is here in the UK." Financials are the f...