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.

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