2CG to run new PSigma portfolio

PSigma Asset Management is to add to its range of British retail funds with the launch of a European Income fund. The group plans a November launch, with the management outsourced to 2CG.

2CG, founded by Charles Glasse and Chris Garsten, launched the first continental European equity income fund in October 2005. The Dublin-listed Zenith European Income fund it established is £58m in size.

Ian Chimes, managing director of PSigma, says its fund (subject to Financial Services Authority approval) will be a sister fund to Zenith European Income.

“The fund will be run in exactly the same way Charles [Glasse] manages his fund,” says Chimes (pictured). “The new fund will simply be an onshore unit trust version of Zenith European Income, but it will carry the PSigma brand.”

Like the founders of PSigma Asset Management – Chimes, Bill Mott and Graham Fuller – Garsten once worked at Credit Suisse. He was a founder member of Patricia Maxwell-Arnot’s European equity team, working on it from 1996 to 2000.

Chimes says: “In addition to knowing Chris we already have an association with 2CG. The PSigma private client department have been supportive of Zenith European Income. Charles has an outstanding long-term track running European income mandates and both he an Chris fit with the PSigma culture.

Glasse and Garsten founded 2CG in 2000.

Before this Glasse spent 11 years managing the MG European Dividend