The Legg Mason Brandywine Global Opportunistic Fixed Income Fund is managed by the group’s subsidiary Brandywine Global and will be co-run by David Hoffman and Stephen Smith.
Brandywine Global is a Philadelphia-based global investment management firm with $23bn in fixed income assets around the world.
The fund will invest primarily in investment grade sovereign debt, with some exposure to corporate bonds and mortgage-backed securities in both developed and emerging markets.
Its aim is to outperform the Citigroup World Government Bond Index by at least 2% annually over rolling five-year periods, but it is not benchmark constrained.
An overall focus on value means the global opportunistic strategy tends to have an intermediate- to long-duration bias when real interest rates are high, with greater interest rate exposure assumed in counties with more value.
Investments are generally considered in 8 to 16 countries that Brandywine Global considers to offer the best total return potential at any given time.
Adam Gent, head of UK sales at Legg Mason GAM, said: "With demand increasingly moving towards strategies with the flexibility to invest globally in pursuit of strong risk-adjusted and inflation beating returns, we believe this fund will appeal to UK investors who want diversification and performance through a management team which has the proven ability to deliver in all types of market environment."
Gent recently announced the hire of a new business development director for the UK and earlier this year Legg Mason opened its US Equity Income Fund to UK investors.
Legg Mason said the Global Opportunistic Fixed Income Fund based in the US has an overall Morningstar rating class IS of five stars, the highest rating Morningstar gives to US mutual funds.
