The Legg Mason Corporate Super Master Trust, one of the oldest in the market, has requested proposals for the purchase of the $1.3 billion fund.
It is understood that the sale will be conducted under the supervision of Annalisa Clark, acting head of Legg Mason Australia, and Gerard McGregor, fund secretary. Rice Warner has been appointed to advise the sale process, and it is understood that a short list of potential buyers has already been reached. Launched in the mid ’90s, the fund was the first master trust from a funds manager to include competitor funds managers on its menu. The fund also pioneered the outsourcing model, using panels for the selection of service providers such as insurance companies. Originally launched as the JP Morgan Investment Management Master Trust, the fund was acquired by Citigroup before being sold to Legg Mason in 2005. Legg Mason declined to comment when contacted yesterday.
08/07/2008
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Alternatives
The chief investment officer of the $150 billion industry super fund says that Hostplus’ portfolio will weather the ongoing downturn in software companies and that moves by a number of large private credit managers to gate their funds are a result of the asset class being offered to retail investors who should not have assumed the funds would be liquid enough to get money out when everybody else is trying to do the same.
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