Legg Mason enhances UK ICVC range with Martin Currie equity funds
Legg Mason has expanded its UK-domiciled fund range following the integration of Martin Currie’s active equity funds into its ICVC offering.
The proposed merger of the eight Martin Currie Investment Funds within the Oeic range was approved by shareholders in May and became effective on Friday 26 June.
The integration increases the number of funds in the Legg Mason ICVC range to 18, and adds £500m in assets. Martin Currie funds in the merger cover asset classes including Emerging Markets, European and Global equity income, and Chinese, Asia Pacific, global, US and Japanese equities.
Each fund name includes the Martin Currie brand as well as the abbreviation “IF” (Investments Funds) to identify them as belonging to Legg Mason’s UK onshore range. As of today (29 June), all 18 Legg Mason ICVC funds are subject to the same naming convention*.
The integrated funds sit alongside products from Legg Mason subsidiaries including Brandywine, ClearBridge, Royce, QS Investors and Western Asset. Legg Mason’s acquisition of Martin Currie completed on 1 October 2014.
Commenting, Adam Gent, Head of UK Sales at Legg Mason, said: “We have now integrated Martin Currie’s range of funds into our existing UK-domiciled range following approval from shareholders.
“The integration of the Martin Currie funds significantly enhances our ICVC range and means we can now offer our investors access to a wide array of compelling strategies. At the same time we’ve introduced our new naming convention across our product range to create consistency and ensure our clients can immediately identify the underlying investment manager of each fund.”
Andy Sowerby, executive director, head of sales, marketing and client service at Martin Currie, added: “This merger brings efficiencies to our clients in that it reduces ongoing charges for investors. We also continue to invest in our capabilities with the latest addition being Mark Whitehead to lead our Global Equity Income group. Our focus, in partnership with Legg Mason, is to build and deliver relevant, differentiated, and high quality funds for the UK market.”