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Schroders to run Legg Mason mid and small cap fund

Schroders has won the mandate to run the £23m Legg Mason

Investors Enterprise investment trust which it will rename the

Schroder UK mid-cap and small cap fund.

The fund will be run by the co-heads of Schroders&#39 pan-European small

and mid-cap team, Andy Brough and Rosemary Banyard. The pair

co-manage the £270m Schroder UK smaller companies fund, with

Brough also managing the £328m Schroder UK mid 250 fund.

The trust has mainly invested in small cap and technology stocks but

will change to mid and small cap.

Schroders says the aim is to provide capital growth and outperform

the benchmark FTSE All-Share index excluding the FTSE 100 and

investment trusts. It expects the fund to be fully invested with

around 80 per cent in FTSE 250 comp-anies and 20 per cent in small

cap companies.s

Schroders managing director Robin Stoakley says it manages nine

investment trusts with a combined value of more than £1bn,

representing 2.5 per cent of total industry assets.

He says: “We have been keen to acquire an investment trust mandate in

the UK mid and small cap arena for some time and we are delighted the

board has appointed us. It is an exciting opportunity for Schroders

and the shareholders.”

Banyard says: “The mid and small cap markets offer the best capital

growth potential for investors in the UK today. We will capitalise on

that potential for existing and new shareholders in the company.”

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