Legg Mason Global Asset Management has launched a global macro opportunities fund through its fixed income subsidiary Western Asset Management.
The new Legg Mason Western Asset Macro Opportunities fund will be co-managed by Kenneth Leech, co-chief investment officer of Western Asset and Prashant Chandran.
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The new fund will employ a liquid alternative global macro strategy to maximize total return with a volatility of 5-10%.
The managers will focus on both long-term value investing and active management of duration, yield curve and volatility.
The annual management fee will be 1% and 1.50% for Premier class and class A respectively, while the minimum investment is US$1,000 for class A.
Adam Gent, head of UK sales at Legg Mason, said: "The current macro environment is marked by tremendous change and volatility, with renewed concerns over Europe combined with slow responses from politicians, monetary authorities and regulators, as well as weakening expectations for economic growth in the US.
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By GlobalData"With its liquid alternative, alpha-orientated mandate, we believe the Legg Mason Western Asset Macro Opportunities fund offers not only the flexibility required to deliver attractive total returns over the market cycle, but also a compelling alternative to traditional long-only bond investing, which faces many challenges in the current environment."
