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Legg Mason expands Brazil feeder fund range

Legg Mason expands Brazil feeder fund range

Multi-affiliate firm Legg Mason Asset Management has expanded its feeder fund range in Brazil as it works to boost its presence in Latin America.

On August 11, the firm launched a vehicle that feeds into an equities fund run by affiliate Rare Infrastructure, and another that mirrors a global credit fund managed by Brandywine Global. It already has feeders for the Legg Mason ClearBridge Global Equity Fund and for Western Asset Macro Opportunities Fund.

The Legg Mason Rare Infrastructure Value Fund buys stocks of global infrastructure firms such as railroad manufacturers. It’s co-managed by Richard Elmslie, Nick Langley, Charles Hamieh and Shane Hurst and was launched in March 2016.

Legg Mason has seen demand for this kind of fund from pension funds, ultra-high net worth individuals and family offices due to lack of investment opportunities in Brazil, a spokesperson for Legg Mason said.

The spokesperson added that the fund provides low correlation to local equities market and only has one competitor in the local market, an infrastructure fund by Deutsche Asset Management.

Meanwhile, the Legg Mason Brandywine Global Credit Opportunities invests in alternative credit opportunities around the world, including in emerging markets.

The fund is managed by Citywire A-rated managers Regina Borromeo, Gary Herbert and Brian Kloss, as well as AA-rated Tracy Chen. Legg Mason has seen low competition from similar strategies, the spokesperson said.

Distribution of the funds will be in the hands of its Brazil head of sales Roberto Teperman, who Legg Mason hired in December as the firm works to boost its presence in that country. He had been at Legg Mason affiliate Western Assets for 10 years.

The US-based firm ran more than $728 billion in assets as of March 31. In Latin America, it has offices in Chile and Brazil.

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