Both funds will be within its Dublin-domiciled cross-border range and will be run by subsidiaries of the firm.
Western Asset Euro absolute return fund will launch later this year under the management of global fixed-income firm Western Asset Management, which runs £317.5bn of assets globally.
A 130/30 fund will be offered through Batterymarch Financial Management, a US equity specialist that has been part of Legg Mason since 1995.
Legg Mason has already added to its UK ICVC range this year through the launch of a global equity income fund run by Global Currents Investment Management and a global multi-strategy bond fund run by Western Asset Management.
A spokesman says: “We are keen to add to our product range, with a couple already coming to market and we have more in the pipeline for later in the year.”