Following the sharp market downturn last year and steep investor redemption, Legg Mason is about to overhaul its entire mutual fund lineup of 142 funds, Matthew Schiffman, head of product and marketing at Legg Mason told The Baltimore Sun. And it’s no wonder, since Schiffman accepted the new position at Legg Mason in November, with the goal of creating a product innovation team.

As part of the reorganization, Schiffman plans to eliminate poorly performing funds and introduce two new funds by the spring, one a municipal bond fund and the other a global allocation fund-of-funds.

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