Legal General has teamed up with engage Mutual Assurance to offer a child trust fund (CTF) equity product.

The Legal General CTF will be invested in the provider's homeowners investment growth fund.

Once the child on whose behalf the voucher was invested reaches the age of 13, the investment will gradually move to the homeowners high income fund.

By the time the child is 17 years old, the full amount will be invested in this lower risk investment fund .

Commenting on the new investment opportunity, engage chief executive Andrew Haigh says Legal General is well known for its expertise in index tracker funds, so this is a fantastic endorsement of the engage CTF.

He says engage has an established track record in the encouragement of regular savings in the CTF.

Claire Stracey, retail investments marketing director at Legal General says parents planning to invest a CTF would be reassured by the insurance and investments brand.

We hope this will encourage parents, who may be holding onto their voucher while considering where to invest, to choose the Legal General child trust fund , she concludes.