The firm submitted to MAS an updated prospectus to include the Legg Mason Rare Infrastructure Value Fund.
The fund is managed by Sydney-based Rare Infrastructure, which is a subsidiary of Legg Mason. The fund invests in listed companies globally that have ownership, operation and maintenance of infrastructure assets. The fund’s objective is to provide regular and stable income plus capital growth to investors, according to the fund factsheet.
The majority of the fund’s assets are in the US, France and UK, according to the factsheet.
Top 5 country allocations
| US | 29.69% |
| France | 14.56% |
| UK | 11.39% |
| Australia | 7.54% |
| Japan | 7.14% |
Source: Rare Infrastructure
Globally, Rare manages $4.2bn in assets, including an infrastructure emerging market fund and an infrastructure income fund, according to the firm’s website.
The majority of clients are in Australia, but bookings coming from US, Canadian and European institutions have been growing, the firm told FSA previously.
The firm is also looking at offering its high income strategy in Asia, officials said. While the global value strategy is for investors who are in the accumulation phase or are saving for retirement, the high income fund is for investors who are in a “deccumulation” phase.
“It makes sense to add that higher income strategy, so people can transition out of the capital growth phase and move into an income-oriented phase,” the firm said. The high-income strategy sacrifices some of the capital growth stocks that the value fund invests in for those that provide upfront income or yield, the firm added.
Besides the Rare fund, Legg Mason is waiting for regulatory approval from MAS for three other multi-asset funds that are managed by another affiliate, QS Investors, according to the regulator.
