Legg Mason launches global bond fund

Legg Mason is launching its Global Blue Chip Bond vehicle to be managed by its affiliate Western Asset Management.

As revealed by Investment Week in April, the Dublin-domiciled vehicle will invest in A-rated plus credit issues and with a 10% cap on financial exposure, the strategy will take advantage of historically high spreads in yields and will aim to deliver an annual yield of 5%-6%. The strategy will be benchmarked to the Merrill Lynch US Treasuries 1-10 Year Index and is aimed at those investors wishing to participate in the corporate bond market, but without the inherent risk of investing in financial sector or emerging market debt. While it will not have explicit country restrictions, the...