Legg Mason Capital Management to integrate with ClearBridge Asset Management
17 January 2013
News, China, USA
By Toby Garrod
A spokesperson from Legg Mason Capital Management (LMCM) told Asia Asset Management on Wednesday (January 16) that the firm is to integrate with its largest US affiliate ClearBridge Asset Management, likely in the third quarter of 2013. LMCM’s Baltimore-based team will continue to be led by Sam Peters, who took over management of the LMCM Value strategy in May 2012.
“With approximately US$60 billion in assets under management, ClearBridge provides a robust business platform that will afford operating efficiencies and allow LMCM’s investment professionals to focus solely on providing high-quality investment management and generating strong performance for clients,” the firm said in a press release. “ClearBridge has a proven ability to seamlessly integrate investment teams whose investment philosophies and processes are similar to its own, and the addition of the LMCM strategies will not have any impact on any existing ClearBridge portfolios or investment teams.”
While corporate rebranding of the affiliate and a number of people changes are set to ensue, they will not likely take place for some time yet as management on both sides work to fully acknowledge the synergies that exist between the two firms, said the spokesperson.
Chairman and former chief investment officer of Legg Mason Capital Management Bill Miller is not going to be moving across. Rather, he will remain at Legg Mason Capital Management to continue focussing his time on the LMCM opportunity strategy as managing member of LMM, LLC, a separate legal entity that he and Legg Mason established in 1999.
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