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Lygo to run mid-cap fund for First State

First State Investments is set to offer a new UK mid-cap fund in early 2002 run by head of UK equities Derek Lygo.

The British mid-cap fund will invest 90 per cent in medium-sized companies, with holdings in between 60 and 80 stocks. Its benchmark will be the FTSE mid-250 index excluding investment trusts.

Lygo will manage the fund with a bias towards earnings per share growth and will have complete autonomy over stock selection. He has been running First State&#39s equity team since October.

First State is also renaming its British fund as the British opportunities fund early in 2002.

Lygo says: “The intended launch of a new British midcap product early next year answers a clear demand from the market. It is all about performance and that is my sole focus here at First State. The firm&#39s ambition in the marketplace is matched by my own for the UK equity team.”

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