Leggmason is waiting for FSA approval to launch an onshore version of its Dublin-domiciled US small cap fund, which is up 102 per cent since launch in November 2001.
The new fund will be run by the same manager, Chuck Royce, who
runs the offshore fund in the US through his company Royce Associates, a Leggmason subsidiary. It will hold between 70 and 80 stocks but will differ from the offshore version, which invests in small and micro caps, by targeting small and mid cap firms, with a slight bias to the latter.
Chelsea Financial Services managing director Darius McDermott says: “We have been waiting a long time for this fund so we are delighted Leggmason is finally launching it.”