LeggMason Investors Asset Managers, the London-based subsidiary of the US-based Legg Mason, is capitalising on its parent's wide ranging stable of US investment houses with the launch of a new fund.

LeggMason Investors American Assets will invest in roughly 50% large cap equities and 15% in US dollar denominated bonds and fixed income. The remainder of the allocation will be invested in a portfolio of shares in UK split capital investment trusts. Alan Kerr, who joined the firm from Murray Johnstone at the start of the year, will decide the overall asset allocation of the fund and manage the UK-based investment trust shares.