Legg Mason announced Tuesday that it is launching two new separately managed accounts that will give retail investors access to fixed income instruments not typically available in an SMA.

With a minimum investment of $250,000, the Core and Core Plus SMAs will invest in corporate and mortgage bonds, as well as high-yield, emerging market debt, non-dollar denominated securities and other uncommon fixed income instruments. The goal, Legg Mason said, is to give retail investors greater diversification than normally found in a traditional SMA. The two SMAs are mirrors of two flagship portfolios offered by subsidiary Western Asset Management.

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