London-based Alken Asset Management is launching sterling share classes for its funds as part of a bid to push further into the UK wealth management market.

The firm’s flagship vehicles are its £1.6 billion ($2.6 billion) European Opportunities fund and its £195 million Absolute Return Europe fund.

The sterling share class of the former will carry a 1 per cent annual management charge and a 10 per cent performance fee, while the latter has a 1.1 per cent annual management charge and a 20 per cent performance fee.

Alken, which was launched in 2005, currently manages £2.6 billion in European equities. At present, around 14 per cent of its clients are UK-based.

Alken recently hired Alisdair Bell, who was discretionary sales director at Ignis Asset Management up until June, as a sales director to further develop the firm’s UK market position.