Bullish move by Standard Life Investments manager to profit from poor investor sentiment towards the space.
France has slashed growth expectations for next year in a move which will boost fears about the lack of economic activity in Europe.
US growth has risen to 2.5% for the third quarter, up from 1.3% the previous quarter.
The lack of effective political leadership, combined with renewed fears about global growth, resulted in the retreat to perceived ‘safe havens' gathering pace in August.
Capital Economics has said the eurozone debt crisis will have "severe adverse effects" on the UK economy, pushing it back into recession in 2012.
The National Institute for Economic and Social Research (NIESR) has warned the UK faces the weakest economic recovery since the First World War, as GDP remains well below its pre-recession high.