Fidelity International has launched a dedicated sustainable water and waste fund for UK investors after assets in its Luxembourg equivalent reached $1bn within 12 months.

The asset manager’s UK-domiciled Sustainable Water & Waste Fund invests globally in companies involved in the design, manufacture, or sale of products and services in the two sectors.

The fund, which has an ongoing charge figure of 0.9%, has the ability to invest across the water and waste value chains, including in companies developing new technologies to meet growing demand.

The new fund follows the launch of Fidelity’s Luxembourg-domiciled equivalent last November, which has already amassed $1bn in just over a year – making it one of the most popular actively-managed sustainable funds with European investors, the company stated.

Bertrand Lecourt, portfolio manager, Fidelity Sustainable Water & Waste Fund, said: “The story of water and waste is as old as the story of civilisation,” Bertrand Lecourt, portfolio manager of the Fidelity Sustainable Water & Waste Fund, said.

“Just as there can be no economy without water, a sustainable economy relies on its approach to waste management. Yet despite this, companies in the sector remain relatively unexplored by investors and there’re very few funds dedicated to this unique theme,” Lecourt added.

The fund forms part of Fidelity’s newly-launched ‘sustainable family’ funds range, which consists two thematic funds focusing on carbon reduction and water and waste, as well as three best-in-class equity and fixed income funds.