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Gallagher quits Legg Mason

Keiran Gallagher, chief investment officer and European growth fund manager at Legg Mason Investments, has resigned from the group to explore the possibility of setting up an investment boutique.

Gallagher, who could also team up with a specialist money manager, is staying on to ensure a smooth handover process although his fund will be taken over by Jeremy Knight, manager of the continental European equity fund.

The news comes as Legg Mason launches a global opportunities bond fund managed by affiliate firm Brandywine Asset Management, a US-based subsidiary.

Brandywine, which will run the fund to mirror its global fixed-income fund, will seek long-term absolute returns through focusing on undervalued securities. Its investment philosophy is to invest in bonds with the highest real yields while managing currencies and rotating across countries to find the best value in the markets. The fund will be a sub-fund of its Dublin-domiciled Oeic.

Charges are 5 per cent initial and 1.1 per cent annual.

Managing director (mutual funds Europe) Paul Boughton says: “We are committed to launching a range of equity and fixed income funds which provide our clients with access to the best investment capabilities available from the Legg Mason affiliate companies.”

Chelsea Financial Services managing director Darius McDermott says: “I am surprised that Gallagher has gone but I think maybe he expected to do better than he has.”

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