Legg Mason has appointed affiliate, Batterymarch, to replace Esemplia Emerging Markets as manager of the Luxembourg-domiciled Legg Mason Asia Pacific (ex Japan) fund.
Esemplia, the trading name for Legg Mason International Equities, will be replaced by Batterymarch led by Ray Prasad, on 30 November. Legg Mason says while there will be no change to the investment objective, Batterymarch does take a different approach to running money and there will be some changes to the investment philosophy, process, benchmark and therefore the scope of the fund. Furthermore, Legg Mason says Batterymarch, is likely to increase the number of securities held in the portfolio to a range of between 120 and 160 with the turnover expected to be around 80% - 100% on an a...
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