He expects a quarter-point cut in December, to take the main rate down to 3%, and cuts at every meeting after that until June. For investors, he said investment-grade fixed income still offers an attractive chance to secure higher yields, and he said small- and mid-cap stocks in Europe offer attractive value and should benefit from the rate cuts.

The European Central Bank cut interest rates on Thursday for the third time this year, saying inflation in the euro zone was increasingly under control while the outlook for the bloc's economy was worsening.

Economic growth in the 20 nations sharing the euro is slowing, and inflation has slowed to below the 2% target.