OMGI expands remit of Watts' £1.8bn UK Mid Cap fund

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Old Mutual Global Investors (OMGI) is to alter the investment objective of Richard Watts' UK Mid Cap fund to allow the manager to hold more in mid-cap stocks sitting outside the FTSE 250.

In a letter to investors, the fund house said it is to reduce the 80% which the fund must hold in medium-sized companies to 75%, and at the same time allow Watts (pictured) to invest in mid-cap stocks that do not qualify for the FTSE 250. As it stands, companies which are listed on AIM but qualify as mid-cap stocks, as well as those which have been promoted from the 250 to the FTSE 100 index, are defined as ‘non-benchmark’ holdings. OMGI said the latter restriction could end up making Watts a forced seller of stocks in the event they are promoted to the blue chip index. The mid c...

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