Allianz Global Investors (AGI) has announced the managers of its European Equity Income fund.
The group first announced its plan to launch the fund in January this year. Today it added that, subject to regulatory and shareholder approval, it will change the investment objective, policy and name of the Allianz RCM European Index fund to create the Allianz RCM European Equity Income fund.
If this is approved, the fund will be launched on March 30 and be co-managed by Neil Dwane, the chief investment officer (CIO), Europe at RCM, and Joerg de Vries-Hippen, the co-CIO of European equities at RCM.
It will be structured as UK-domiciled Oeic and produce an estimated 5-6% yield per year at launch.
Today the group launched a Luxembourg-domiciled version of the fund, Allianz RCM European Equity Dividend.
The only difference between the two funds is that the UK Oeic will only invest in continental European stocks, with none in British companies, while the Luxembourg fund invests on a pan-European basis.