Major American firms — such as Capital Group, JPMorgan Asset Management, T Rowe Price and BlackRock — are planning to expand longstanding offices in Europe as they hunt for growth outside their home market, reports Financial Times.

China may be reopening but its fierce anti-Covid measures, the EU’s push into sustainable investing and worries over tensions between Beijing and Washington had all favoured doubling down on Europe, said Jonathan Doolan, partner at consultancy Indefi.

“That 1-2-3 punch . . . meant that a lot of firms that had a global footprint are starting to re-examine Europe as a core area for them to succeed,” Doolan was quoted as saying by the newspaper.

“Europe remains an attractive market . . . it is the largest institutional and wholesale market outside of the US. It also has a strong responsible investment focus, supported by the regulatory regime,” Saker Nusseibeh, chief executive of Federated Hermes, the London-based affiliate of the American firm, which has $624bn under management, told the newspaper.

Bigger American firms, which often have established offices in London and distribution networks on the continent, are being selective in their push further into Europe.

Germany, Austria, Switzerland, the UK and Nordic countries are particular targets, as is the region’s growing wealth market, say people familiar with the matter.