Legg Mason Inc. has made an executive decision to remove its name from U.S mutual funds run by its Western Asset Management Co. subadvisor to boost sales to individual investors, Bloomberg reports.
Effective Aug. 1, the funds will only use the Western Asset name as part of a broader strategy to make the funds more competitive, according to Maria Rosati, a spokeswoman for Legg Mason.
Jim Flick, director of global client service and marketing of the bond division, told the pub that: “We’re just really trying to make sure that the reputation and the satisfaction that we’ve delivered to our institutional clients is easily transferred to the retail clients,”, said in a telephone interview.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access