ClearBridge Advisorsthe largest manager of equity funds at parent companyLegg 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.
The move is part of “a larger effort by Legg Mason to highlight the brand identities of its affiliated investment managers in its product names,” the company said in a statement. Under the new branding effort, ClearBridge will drop the “Legg Mason” name and be branded “ClearBridge” only. The $4.4 billionLegg Mason ClearBridge Appreciation Fund, for example, will now be known as the ClearBridge Appreciation Fund.
Also, ClearBridge plans to change its name toClearBridge Investmentsby 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. CEOMark Fettingstepped 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 executiveScott Glasseras co-chief investment officer. Glasser will join current CIOHersh Cohenin 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 theClearBridge Appreciationstrategy whileMargaret Vitranowill take over co-management of theClearBridge Large Cap Growthstrategy.
Vitrano will manage that with current co-portfolio manager,Peter Bourbeau, who has been co-managing the ClearBridge Large Cap Growth strategy since 2003.