UPDATE 1-Resolution launches $1.5 bln UK IPO

* Buyout firm expects completion in December

* Targets 500 mln to 1 bln pounds in placing proceeds

* Plans to deploy 5 bln pounds in financial firms

(Adds details, investor comments)

By Daisy Ku

LONDON, Nov 19 (Reuters) - Buyout firm Resolution Ltd. launched a $1.5 billion listing plan on Wednesday in the first major UK IPO since July, overcoming a tough fund raising market thanks to investor interest in its founder's record.

The placing of between 500 million pounds and 1 billion pounds ($1.51 billion) will be completed in December, Resolution said, one month later than initially planned, after the severe market turmoil of recent weeks.

Resolution's founder, entrepreneur Clive Cowdery, sold his previous venture -- an insurance consolidation company called Resolution Plc -- to Pearl Group for about 5 billion pounds a year ago.  Continued...