Legg Mason Inc. on Wednesday launched a U.S.-traded fund focused on infrastructure investments in a bid to diversify its offerings for investors.
The RARE Global Infrastructure Value Fund, which will trade on the Nasdaq exchange, is an outgrowth of Legg's acquisition last year of a majority stake in RARE Infrastructure, an Australian investment firm founded in 2006.
Legg said the fund, which will invest in listed infrastructure projects, will provide investors with a different investment option. RARE had about $6.3 billion in assets under management at the end of March, according to Legg's earnings presentation.
"We believe what sets us apart is our deep understanding and passion for infrastructure assets that allows us to assess true market value of the projects through our diligent research process to potentially identify attractive opportunities for clients," stated Richard Elmslie, RARE co-CEO and co-chief investment officer.
Legg Mason had about $707.1 billion in assets under management as of April 30, 2016.