After initially overseeing an impressive change in fortunes since he took over the 13 million pound European Growth Fund, a series of poor stock ideas have left Morrell’s stewardship under scrutiny as the Fund has stagnated over the last 12 months.

In a bid to get things back on track Morrell is planning a move into the online gaming market, claiming that the market is still undervalued due to the anti-gambling law brought in to by the US in October last year.

In an effort to raise confidence in the market Morrell has publicly backed the industry, pointing out that online gambling companies have posted impressive figures since the all-time low following the introduction of the anti-gambling law, and yet these figures have not been reflected in the companies’ share prices.

Morrell is certainly half right, though his statement is a little late in the day with regards to PartyGaming, whose share price has stabilised after an incredible two months which saw it soar from 28.5p to 57.75p, making it the best performing stock in the FTSE 250.

But with Austrian company Bwin and the Swedish firm Unibet Morrell may indeed have found some undervalued gems. Only time will tell.