BUZZ-View from the buyside: Brammer, Latchways among AllianzGI's Europe recovery bets

** UK-listed small caps Brammer & Latchways would both benefit greatly from an economic recovery in Europe, says Matthew Tillett, who runs the Allianz UK Unconstrained fund

** Brammer (LSE: BRAM.L - news) 's £426 mln mkt cap belies fact it is biggest distributor in Europe of industrial maintenance & repair products -- from cutting tools to washroom skin care -- in a highly fragmented market

** PM flags Brammer's strategy of replicating US (big players there WW Grainger & Fastenal ), c.15 yrs ahead of Europe in terms of industrial cos outsourcing purchase of supplies

** Tillett bought into Brammer last yr when co hit by profit warnings -- one on slow activity in Europe; says co would benefit from recovery there, but can still grow without it; last profit warning May (headwinds FX, Norway; shares down 20% since)

** PM recently bought Latchways (LSE: LTC.L - news) , maker of fall protection products, e.g. on wings & fuselage of aircraft undergoing maintenance, & for roofing; notes co has growth end-market as health & safety regulations become more onerous, e.g. Europe

** Co also has recovery angle in UK where has big market share; exposed to construction late cycle -- roof tends to go on last followed by safety products -- & UK in early stage of construction recovery (UK more of near-term driver than Europe) (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)