Legg Mason Asset Management is to launch a new UK-domiciled infrastructure debt fund, with the firm’s global fixed income subsidiary, Western Asset Management.

The Legg Mason Infrastructure Debt Fund will be managed by Western's London-based portfolio manager Ian Justice and will invest globally in publicly-traded debt securities issued by infrastructure businesses. The fund should, consequently, be less volatile than broad corporate bond portfolios, the firm said in a statement.

The fund will leverage Western’s global research capabilities, comprising 150 investment professionals based in seven investment offices around the world.

“With an estimated $57 trillion required in infrastructure investment just to keep pace with projected global GDP growth between now and 2030, the opportunity for investors in this asset class is clear. The risk/reward profile of infrastructure debt is compelling and the funds will appeal to investors seeking high-quality, long-term, stable cashflows at the lower risk end of the fixed-income universe," said Mike Zelouf, head of Europe, Middle East and Africa at Western.

Legg Mason had $654 billion in assets under management at end-January 2013.