Italian asset manager Generali Investments Europe has launched an equity fund that will invest in the troubled southern European states, hoping to benefit as these economiesrecover from the eurozone crisis.
The GIS European Recovery Equity fund will invest mainly in equities in Spain, Italy, Portugal and Greece, says the firm, and aims to hold between 35 and 40 core stocks.
“The economies of peripheral southern Europe are undergoing substantive structural adjustment which has depressed GDP growth over the past several years,” says Santo Borsellino, chief executive, Generali Investments Europe. “With the first signs of recovery we are seeing some very attractive opportunities across the region.”
The firm has launched the fund on its Luxembourg Sicav platform and it is managed by François Gobron, who joined the firm in 2008.
The southern European states were the worst affected by the turmoil that accompanied the eurozone debt crisis; however analysts say they see promising signs that these economies are returning to growth, although some indicators, such as youth unemployment, remain stubbornly high.
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