Legg Mason Global Asset Management has launched a global total return investment grade bond fund through its fixed income subsidiary Western Asset Management, the asset manager has announced.
The newly-launched Dublin-domiciled fund is named the Legg Mason Western Asset Global Total Return Investment Grade Bond fund and is run by Gordon Brown, co-head of global portfolios at Western Asset, and Andrew Cormack, who will serve as co-portfolio manager.
Commenting on the launch, Brown said: ‘Fixed income markets are at a very interesting juncture, with the potential for rate rises in the US countered by concerns over global growth, particularly in China.’
‘As such, financial markets should continue to be volatile, and therefore a flexible strategy that can exploit opportunities as they emerge could be an attractive addition to investors attempting to manage their fixed income exposure,’ he added.
The new fund will have an opportunistic approach without a benchmark constraint and will use a combination of top-down global macro strategies and tactical sector allocation, as well as bottom up security selection to generate returns, the company said.
The company also said the idea generation will come from Western Asset’s global investment strategy committee chaired by CIO Ken Leech and will leverage on a group of 129 specialists working across the firm’s global offices.