Legg Mason fixed income fund gets ratings upgrade
Ratings house, Zenith, has upgraded the Legg Mason Australian Bond Trust's rating to ‘highly recommended' for having "one of the strongest offerings in the Australian fixed income peer group".
The Australian Bond Trust had been managed by Legg Mason's largest affiliate fund manager, Western Asset Management, a fixed income specialist that held $US436 billion under management, Legg Mason said.
Zenith's fund review noted that their conviction in Western Asset's capabilities had increased and that their investment team consistently met the fund's excess return objective.
Zenith also described the Australian bond trust's management fees as low, compared to the sector average.
The trust's management costs were 0.39 per cent, compared to 0.50 per cent (the sector average), Zenith said.
Legg Mason Australia head of sales, Beau Titchkosky, said: "We are receiving increased interest in the Western Asset story from clients, and we are pleased we are able to deliver a highly-rated solution from a global leader in fixed income that is also the largest affiliate in the Legg Mason stable".
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