Italian asset manager Anima SGR has chosen Legg Mason as sub-advisor for a new flexible bond fund called Anima Legg Mason Multi Credit Fund.
Through the partnership, Legg Mason will support Anima in identifying investment opportunities for the construction of the fund and will provide the underlying strategies through Western Asset Management, its largest affiliate and fixed income specialist.
TheAnima Legg Mason Multi Credit Fund will be made available to Anima's distributors through its fund of fund platform Sistema Open.
The fund of fund invests in a number of Legg Mason fixed income strategies across various sectors of the credit market in order to generate attractive income flows and growth in invested capital, with careful management of downside risks. The fund's core exposure at the moment includes Investment-Grade corporates, high yield corporate, structured credit, and local emerging markets.
Management of the underlying funds is based on a global active selection of securities, sectors, and countries. Investors will benefit from the flexibility of the dynamic asset allocation and on portfolio building and risk management techniques designed to protect capital in a market that is in constant evolution.
Matteo Lenardon, deputy country head Italy of Legg Mason, said: "We are proud of this agreement with Anima, one of the most important players in the Italian asset management industry. We believe that the sub-advisory model will be increasingly dominant in the next years because it provides investment solutions tailored to the needs of our partners.
"We believe that partnerships of this kind perfectly fit with Legg Mason's multi-affiliate structure, which guarantees a very strong specialization on specific asset classes, both traditional and alternative."
Pierluigi Giverso, Chief Commercial Officer of Anima, added: "The agreement with Legg Mason is an important step forward in our strategy of offering our distribution partners easy access to the best international expertise, while at the same time leveraging our distinctive skills in terms of service and knowledge of the needs of the Italian market."