ClearBridge Advisors the largest manager of equity funds at parent company Legg Mason, apparently wants to cut the apron strings, announcing it would drop the “Legg Mason” name from all its U.S. funds over the next few months.
Also, ClearBridge plans to change its name to ClearBridge Investments by January 2013. The New York-based firm has $58 billion in assets under management.
It has not been a good stretch for Baltimore-based Legg Mason, which has struggled with asset outflows, poor investment performance and dismal stock price. CEO Mark Fetting stepped downat the beginning of this month and the firm is currently searching for a replacement. Legg Mason held $651 billion in assets under management as of Sept. 30.
In a related announcement, ClearBridge named long-time firm executive Scott Glasser as co-chief investment officer. Glasser will join current CIO Hersh Cohen in oversight and development of the firm’s investment strategies.
Previously, Glasser and Cohen were co-managers of the firm’s Appreciation strategy from 1995 to 2009.
Glasser, who has been with ClearBridge since 1993, has served as a portfolio manager since 1994. He previously also served as Director of Research, and currently sits on the firm’s Management and Risk Committees.
In his new role, Glasser will remain co-portfolio manager on the ClearBridge Appreciationstrategy while Margaret Vitrano will take over co-management of the ClearBridge Large Cap Growth strategy.
Vitrano will manage that with current co-portfolio manager, Peter Bourbeau, who has been co-managing the ClearBridge Large Cap Growth strategy since 2003.