Legg Mason is merging the assets from its Luxembourg-domiciled Global Multi Strategy Bond fund into the British version of the vehicle to make it more appealing to domestic investors.
The Luxembourg fund, called Western Asset Institutional FCP-FIS WA Global Multi Sector, will now close. Its assets under management will be transferred to the British-domiciled mirror fund, taking this up to £110m in size.
Andy McNulty, the head of sales, says the merger will take the fund to critical mass, making it more attractive to British retail and institutional investors. Meanwhile, new shareholders will benefit from a larger and more cost efficient investment vehicle. The merger is being made at the request of unitholders.
Legg Mason launched the onshore version of the strategy 12 months ago and has seen widespread interest from a range of clients, McNulty says.
The fund seeks out fixed income opportunities from a range of bonds including government, high yield, emerging market and investment grade.
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