View more on these topics

Small cap covers the US

Legg Mason Investments has brought out the Legg Mason US smaller companies fund, an Oeic aiming for growth by investing in US companies with a market cap of up to $2bn.

The fund is managed by Royce & Associates, a New-York-based subsidiary of Legg Mason Investments. Royce & Associates already manages Legg Mason&#39s Dublin-domiciled Royce US small cap equity fund but this fund was recently closed to new business.

The new fund aims to have less than 15 per cent in micro-cap stocks with a market cap of up to $400m. The offshore fund invests between 55 and 75 per cent in micro caps.

It is managed by Chuck Royce, Royce & Associates president and chief investment officer, with more than 30 years&#39 experience as a small and micro-cap portfolio manager. When selecting stocks for the new fund, Royce will use a bottom-up value style. Companies that make it into the portfolio will be those that are trading below what Royce considers their true worth. He will look for stocks with low valuations that look set to improve as a result of changes within their sectors.

Small-cap funds historically perform well during an economic recovery and, according to Standard & Poor&#39s, US small caps performed well compared with large caps at the end of 2003. This fund may offer potentially high rewards but a note of caution is due, as smaller comp-anies involve higher risks.

According to Standard & Poor&#39s, the Legg Mason US equity fund is ranked first out of 89 funds based on £1,000 invested on a bid-to-bid basis with net income reinvested over one year to April 5, 2004.


LMS takes on branded lending for Mortgages plc.

LMS Homeloans is going to offer branded lending for Mortgages plc. LMS Homeloans already offers branded lending with Platform Home Loans mortgage products and says it intends to offer its branded lending activities with further lenders in the future.

Verity&#39s view

For anyone who knows how much the financial services sector dislikes regulation, there has been a strange phenomenon in the past few months – companies, lifelong enemies of the regulators, asking to be regulated. Stranger still, the people who would do the regulating are not only denying them their dearest wish, they are making them […]

The brighter side of Equitable Life

Equitable Life is stabilising and looking at options to improve policyholders&#39 fortunes, says chief executive Charles Thomson. In an interview with Money Marketing, Thomson says the strategic review announced as part of its full-year results will look at all the options says the company is prepared to restructure parts or all of the business to […]

Bupa appoints new non-exec director

Bupa has appointed a new non-executive director with Robert Walther taking up the role from May 1.Walther, 60, is currently chairman of the Fleming Claverhouse, Fidelity European Values and a non-executive director of Nationwide Building Society.He is also a previous chief executive of Clerical Medical Investment Group and a member of the Halifax executive committee.Bupa […]

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm