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.
Recommended for you
Despite having entered into a scheme of arrangement with Bell Financial Group last week, Selfwealth has opted to now progress with a bid from rival Svava instead.
Platinum Asset Management has announced co-chief investment officers Andrew Clifford and Clay Smolinski are to step down from their roles.
ASIC has warned Australian retail investors there “will be product failures” in the private credit space as the assets are untested for a large-scale stress event, but has stopped short of discouraging retail participation.
The fund manager has confirmed the departure of its local managing director and Australian head Rob Mead, naming two successors to take up his position.
