Legg Mason is to rename the Legg Mason Western Asset Global Blue Chip Bond Fund to better reflect its objective to achieve returns from high quality short dated corporate bonds.

The fund, to be renamed the Legg Mason Western Asset Short Duration Blue Chip Bond Fund, launched in 2009 with the objective of achieving stable returns over a market cycle with low annualised volatility in line with shorter dated A-rated Blue Chip corporate bonds. The typical duration range is 2-4 years. The fund’s investment strategy will stay the same.

Legg Mason has seen increased interest in the strategy due to its stable performance in multiple market environments, focus on investment grade credit and attractive risk / return characteristics vs. its peers.

Commenting on the announcement Alex Barry, Head of UK Sales at Legg Mason Global Asset Management said: “The fund is an attractive option for investors seeking high quality credit with a short duration and competitive risk adjusted returns. With UK corporate bond yields at record lows, investors should look at a truly global and diversified portfolio in their search for return. By renaming and adjusting the investment guidelines of the fund we hope to better reflect its objective, which it has been following since launch in 2009. We are committed to a client-driven product development and have been working with clients to make these changes.”