Wells Fargo Asset Management, the 11th largest mutual fund manager in the US has rolled out six new funds to complement seven existing funds it has offered since 2008.
The asset manager expects the new funds to assist in enhancing and expanding its European wealth management business in the wake of the sovereign debt crisis, which corroded the investors’ faith from wealth managers.
WFAM executive vice-president Andrew Owen said that it would ride out the current downturn in Europe, which it views as cyclical.
"The addition of these six funds will allow UK and European clients 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," Owen added.
The US wealth manager began from just $10m in 2010 and reached up to $400m in 2011 and $500m in the first quarter of 2012.
WFAM, which had nearly $450bn in assets under management, has over 35 portfolio management teams across the world.