Wells Fargo's asset management arm is now offering a sterling–denominated share class for investors of its emerging markets equity fund.

Wells Fargo Asset Management has launched a new share class for UK investors in its Wells Fargo (Lux) Worldwide Emerging Markets Equity Income Fund.

The Emerging Markets Equity Income Fund, which is run by Anthony Cragg and Alison Shimada, now offers a sterling-denominated institutional share class. The share class is gross distributing, meaning that fees and expenses are applied to capital rather than income, therefore resulting in a higher distribution to shareholders.

The fund targets companies with a sustainable high dividend yield, investing primarily in dividend-paying emerging markets equity securities. It employs both a top-down strategy, which takes account of economic and market trends in each country, and a bottom-up strategy, which draws on fundamental research for security selection.

The asset manager said the launch came in direct response to investor demand for funds with the potential to provide greater dividend yields.

“We are pleased to offer a gross distributing share class for the Emerging Markets Equity Income Fund to UK investors looking for yield,” said Ludger Peters, managing director, international business development at Wells Fargo Asset Management.

“It reflects our culture of listening to clients and offering the products they want and need as they strive to reach their financial goals.” 

Wells Fargo Asset Management manages over $490 billion in assets worldwide.