US fund managers are stepping up the race to get a slice of European and UK assets as their mature, domestic market becomes more competitive, pushing them to seek new opportunities overseas.
In the past few months a flurry of US players have laid out expansion plans, rolled out new funds or sought regulatory approval for funds, including Russell Investments, Vanguard, American Century Investments and Brown Advisory.
“The UK is both the first port of call and a springboard for wider European penetration,” says Amin Rajan, chief executive of Create-Research, a consultancy. Europe in general is seen as “especially attractive” as the continent's Ucits fund structure provides a “much more cost effective way of globalising a business without having to create an expensive physical presence on the ground,” Mr Rajan adds.