AMP adds Legg Mason to income model portfolio
AMP has expanded its property allocation in its income model portfolio with Legg Mason's retiree income fund.
The asset manager's Martin Currie Real Income Fund aims to provide an income stream with natural inflation protection by investing in a blend of Australian real estate investment trusts (A-REITs) (52 per cent), listed infrastructure (11 per cent), and utilities (37 per cent).
AMP manager for model portfolio at advice research, Luke Mandekic, said AMP's income models are designed to provide an innovative and optimal blend of best-of-breed funds to its adviser network.
"We have included the Real Income Fund on the basis that it is specifically designed for retiree income," he said.
"We believe its broad exposure beyond A-REITs can provide a more robust solution in the property sector."
Legg Mason said the fund was launched in 2011 and has grown to $470 million, mainly through financial adviser demand.
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