Royce [profile] is preparing to collapse two of its mutual funds into a third, smaller fund.

Chuck Royce The Royce Funds Chief Executive Officer, Portfolio Manager

The value equity shop and Legg Mason subsidiary revealed in a recent filing that, pending shareholder approval, in the first half of 2016 it will merge the Royce European Small-Cap Fund and the Royce global Value Fund into the Royce International Premier Fund.

The acquiring fund is PMed by David Nadel and Mark Rayner, has a three-star rating, and has $8.6 million in AUM. The European fund is rated two stars with $22.5 million in AUM and is also PMed by Nadel and Rayner. And the Global fund is rated one star with $61.5 million in AUM and is PM by Dilip Badlani, James Harvey, and Steven McBoyle, as well as Nadel. 

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