Benefits of running smaller funds

Keiran Gallagher joined Legg Mason Investors as chief investment officer and manager of the group's European Growth fund at the end of March. Recruited from Newton, where he built up a strong reputation for his stockpicking skills, Gallagher has also overseen the transition of Legg Mason's equity desks from separate UK and Europe ex-UK teams into an integrated pan-European desk. In his brief time as manager of Legg Mason European Growth, Gallagher has trimmed the fund's holdings from more than 60 to 44, with a view to running a 40-stock portfolio. Cautiously bullish on the outlook fo...