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Aggressive fund for UK

Franklin Templeton Investments is set to launch a copy of its US aggressive growth fund in the UK next month.

The new Oeic, which is subject to FSA approval, will be managed by Michael McCarthy, who runs the £300m US fund.

The fund invests largely in young and high-growth companies and is heavily invested in the technology sector.

McCarthy will manage the fund from the Franklin Templeton offices in San Mateo California, where he is within 30 miles of 40 per cent of the companies he invests in.

Franklin Templeton emphasises the fund is not just a technology fund. A spokesman said: “The mandate of this fund does not demand that it invests in technology but it is an aggressive growth fund and technology is experiencing fantastic growth.”

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