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F&C picks US managers for large cap

The 2.25bn Foreign & Colonial investment trust is putting US-based fund managers to run its larger cap portfolio in the US, in response to poor performance.

The North American portfolio, which accounts for 23 per cent of the trusts overall assets, returned just 1.1 per cent in 2004 compared to the FTSE North American index returning 4.1 per cent.

The trust is keen to move from its current low tracking error management to a high alpha approach. The trusts smaller cap US money will continue to be managed by F&C in London.

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