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Legg Mason makes management change to Asia Pacific fund
Legg Mason has replaced one of its investment management affiliates as manager of its £17m Asia Pacific (ex-Japan) fund for another as part of an ongoing review of its offering.
Esemplia Emerging Markets will resign as investment manager of the fund in favour of Batterymarch, with the change due to take place at the end of November.
A spokesperson for the company said it was constantly reviewing its products and the investment management of each fund.
Although there will be no change to the investment objective of the fund - to be managed by a team from Batterymarch led by Ray Prasad - the team's approach to managing money means that changes to the investment philosophy, process, benchmark and scope of the fund.
The number of securities in the portfolio is also set to increase to between 120-160 as Batterymarch manage more diversified portfolios, turnover is expected to be around 80 -100 per cent on an annual basis.
Esemplia Emerging Markets will continue to manage its offshore Legg Mason Emerging Markets Equity fund.
