One month into their new relationship, Legg Mason Capital Management and ClearBridge Investments are merging two of its funds into one. 

The Legg Mason subsidiaries, which announced plans to merge its operations in mid-January, will merge Legg Mason Capital Management All Cap (SPAAX) with ClearBridge Large Cap Value (SINAX) on or around July 19, pending shareholder approval, according to a Morningstar report

While the effects of the merger on All Cap shareholders is as yet unclear, Morningstar surmised that shareholders should see a price reduction as Large Cap Value Fund's fees are 40% cheaper. 

In terms of performance, All Cap has had a "mixed, but improving, record" under manager Jay Leopold, who will remain at the firm, Morningstar reported. ClearBridge Fund has a better long-term record.

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