"The current downturn in the UK economy means there has never been a better time to invest in European markets," says Integrity's fund manager, Colin Fogwill.

He continued: "Industry commentators are predicting that oil prices will remain at more than $100 a barrel, house prices will continue to fall, there will be a slowdown in the manufacturing and service sectors and a rise in unemployment. All in all, the prospect for British investments looks bleak."

Integrity Fund Managers launched its own Fund of Funds in June, which incorporates a 50/50 mix of continental and UK-based European funds to fill a key gap in the equity income sector. It utilises top performing managers who despite difficult trading conditions can maximise returns for investors.

Colin added: "There are very few European income funds like Integrity's. It gives us the flexibility to concentrate our activities in geographic areas that are performing well and fund managers who can identify companies that are bucking economic trends.

"Many European organisations are outperforming their UK rivals because more of them are investing and working in emerging eastern European markets. The tax treatment of UK companies is also driving successful organisations overseas and discouraging inward investment. This is unlikely to change until a stable taxation policy is in place."

For further information, telephone (0114) 258 8887 or visit www.integrity-funds.com

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