Western Asset Management
Western Asset Management Headquarters Location
Pasadena, CA
About Western Asset Management
Legg Mason's feats include wealth management and mutual fund management. The financial services firm has several subsidiaries that offer asset management, trust services, and annuities to retail and institutional investors. The company manages about 140 mutual funds under the Legg Mason, Western Asset, and Royce Funds banners. Other offerings include closed-end funds and separately managed accounts. Legg Mason distributes its products through its own offices, retirement plans, and financial intermediaries, as well as through an agreement with Morgan Stanley Smith Barney. The company operates primarily in North America and the UK, but also has offices in about 15 other countries.
The Legg Mason Funds comprise equity, income, investment-grade, and municipal securities funds, while the Royce Funds concentrate on small- and micro-cap stocks. Western Asset Management markets its funds, which invest primarily in fixed income securities, to retirement plans and other institutional investors.
Legg Mason also manages assets for institutional and high-net-worth clients through several subsidiaries, including Philadelphia's Brandywine Global Investment Management, New York-based ClearBridge Advisors, and Private Capital Management in Naples, Florida. Boston-based Batterymarch Financial Management uses quantitative strategies to manage portfolios of US and international equities for institutional investors; Legg Mason Investment Counsel & Trust performs trust services for individual and employee benefits plans. In fiscal 2012 Legg Mason sold Cincinnati-based wealth manager Bartlett & Co.
Altogether, Legg Mason has approximately $645 million of client assets under management, about a quarter less than it had as recently as 2008. More than half of that figure is invested in fixed income products. The rocky economy prompted many clients to pull out large amounts of money from their mutual funds, leading to losses for the company in 2009. Recovery in the financial markets had a hand in Legg Mason returning to profitability the following year, despite a decline in revenues of more than 20%. Cost-cutting and restructuring measures enacted by the company helped, too. However, clients have continued pulling money from their funds, albeit at a slower rate, and Legg Mason lost some $16 billion in liquidity assets under management when Morgan Stanley Smith Barney amended its agreement with the company in 2011.
Despite challenges with client outflows and the continuing global downturn, Legg Mason's revenues and net income have remained relatively stable after rebounding from the 2009 losses. Profits slipped some 13% in fiscal 2012 to $220.8 million due to an increase in incentive compensation related to Western Asset Management; this was offset somewhat by restructuring efforts which have saved the company money. The amended agreement with Morgan Stanley Smith Barney also contributed to a reduction in Legg Mason's earnings in addition to its liquidity assets under management: Total revenues fell 4% in 2012 to $2.7 billion.
PillarsThe Legg Mason Funds comprise equity, income, investment-grade, and municipal securities funds, while the Royce Funds concentrate on small- and micro-cap stocks. Western Asset Management markets its funds, which invest primarily in fixed income securities, to retirement plans and other institutional investors.
Legg Mason also manages assets for institutional and high-net-worth clients through several subsidiaries, including Philadelphia's Brandywine Global Investment Management, New York-based ClearBridge Advisors, and Private Capital Management in Naples, Florida. Boston-based Batterymarch Financial Management uses quantitative strategies to manage portfolios of US and international equities for institutional investors; Legg Mason Investment Counsel & Trust performs trust services for individual and employee benefits plans. In fiscal 2012 Legg Mason sold Cincinnati-based wealth manager Bartlett & Co.
Altogether, Legg Mason has approximately $645 million of client assets under management, about a quarter less than it had as recently as 2008. More than half of that figure is invested in fixed income products. The rocky economy prompted many clients to pull out large amounts of money from their mutual funds, leading to losses for the company in 2009. Recovery in the financial markets had a hand in Legg Mason returning to profitability the following year, despite a decline in revenues of more than 20%. Cost-cutting and restructuring measures enacted by the company helped, too. However, clients have continued pulling money from their funds, albeit at a slower rate, and Legg Mason lost some $16 billion in liquidity assets under management when Morgan Stanley Smith Barney amended its agreement with the company in 2011.
Despite challenges with client outflows and the continuing global downturn, Legg Mason's revenues and net income have remained relatively stable after rebounding from the 2009 losses. Profits slipped some 13% in fiscal 2012 to $220.8 million due to an increase in incentive compensation related to Western Asset Management; this was offset somewhat by restructuring efforts which have saved the company money. The amended agreement with Morgan Stanley Smith Barney also contributed to a reduction in Legg Mason's earnings in addition to its liquidity assets under management: Total revenues fell 4% in 2012 to $2.7 billion.
We put our clients first in everything we do.
We listen, understand and seek to help our clients succeed. By meeting or exceeding our clients’ expectations, our success will follow.
We are globally integrated.
Diversity of opinion and specialists based in global investment centers, each concentrating on a specific field of expertise, meaningfully broaden our opportunity set and improve our ability to diversify investments. We think and act on a global basis.
We have a team-based culture.
At all levels of our organization, professionals around the globe continuously communicate information, share investment ideas and collaborate on strategy, working together to enhance the quality of our investment thinking and decision-making.
We are dedicated to active fixed-income.
We believe that by dedicating all of our resources to active fixed-income we can provide superior investment capabilities and service to our clients. We believe that active, value-driven investing can add significant return and reduce portfolio volatility over a market cycle.
Risk management is fundamental to how we manage assets.
We foster a culture in which risk management is a critical component of successful portfolio management. Integrating risk management inputs into the portfolio construction process as well as the independent audit of portfolio risks strengthens its effectiveness. Robust communication and escalation procedures underpin the independence and transparency of risk management.
Company ValuesWe listen, understand and seek to help our clients succeed. By meeting or exceeding our clients’ expectations, our success will follow.
We are globally integrated.
Diversity of opinion and specialists based in global investment centers, each concentrating on a specific field of expertise, meaningfully broaden our opportunity set and improve our ability to diversify investments. We think and act on a global basis.
We have a team-based culture.
At all levels of our organization, professionals around the globe continuously communicate information, share investment ideas and collaborate on strategy, working together to enhance the quality of our investment thinking and decision-making.
We are dedicated to active fixed-income.
We believe that by dedicating all of our resources to active fixed-income we can provide superior investment capabilities and service to our clients. We believe that active, value-driven investing can add significant return and reduce portfolio volatility over a market cycle.
Risk management is fundamental to how we manage assets.
We foster a culture in which risk management is a critical component of successful portfolio management. Integrating risk management inputs into the portfolio construction process as well as the independent audit of portfolio risks strengthens its effectiveness. Robust communication and escalation procedures underpin the independence and transparency of risk management.
Western Asset is committed to being the leading fixed-income investment management firm in the world. At the core of our values are Trust, Honesty, Integrity, Diversity, Teamwork, Mutual Respect and Personal Responsibility. Through the common set of shared values we will enrich the power of our ideas and enhance our commitment to excellence. Our values embody:
-Our Clients
-Our people are our greatest asset
-Our Organization
Benefits-Our Clients
-Our people are our greatest asset
-Our Organization
Western Asset offers its employees a generous Total Compensation Package which gives employees and their families' peace of mind.
A few of the attractive benefits include:
- coverage for employees and their eligible dependents at no cost to the employee
-retirement savings plans
-life insurance coverage
-business travel and medical insurance
Career Growth
Western Asset believes that in order to retain exceptional employees, it must supply the tools with which they can grow professionally. The company offers internal career development and training programs and tuition reimbursement for job related courses.
Company Culture
Part of total well-being includes life away from the office. Western Asset encourages a well-balanced lifestyle by offering wellness programs and by sponsoring a number of company athletic teams/leagues, interest seminars and clubs. Western Asset also recognizes the importance of teambuilding. The company sponsors a number of fun activities that build morale and partnership in informal settings.
Western Asset is committed to supporting and empowering employees in their professional and personal lives.
Offices Designed for Comfort
Western Asset places a high priority on the health, safety and well-being of its employees. This commitment begins with the design of each office. Western Asset's intention is to support a comfortable work environment in an open, interactive style.
A few of the attractive benefits include:
- coverage for employees and their eligible dependents at no cost to the employee
-retirement savings plans
-life insurance coverage
-business travel and medical insurance
Career Growth
Western Asset believes that in order to retain exceptional employees, it must supply the tools with which they can grow professionally. The company offers internal career development and training programs and tuition reimbursement for job related courses.
Company Culture
Part of total well-being includes life away from the office. Western Asset encourages a well-balanced lifestyle by offering wellness programs and by sponsoring a number of company athletic teams/leagues, interest seminars and clubs. Western Asset also recognizes the importance of teambuilding. The company sponsors a number of fun activities that build morale and partnership in informal settings.
Western Asset is committed to supporting and empowering employees in their professional and personal lives.
Offices Designed for Comfort
Western Asset places a high priority on the health, safety and well-being of its employees. This commitment begins with the design of each office. Western Asset's intention is to support a comfortable work environment in an open, interactive style.
Number of Employees in Western Asset Management
1,001 to 5,000
Western Asset Management Revenue
£730m to £4bn (GBP)
Industry