Steve Walsh, Western Asset Management Co.'s chief investment officer, plans to retire in March 2014 and will be replaced by Ken Leech, according to a letter sent Thursday to clients by Western Asset CEO James Hirschmann.
Messrs. Walsh and Leech will serve as co-CIOs over the next 12 months during the transition period, the letter reads. Mr. Leech will become the new CIO on March 14, 2014.
Mr. Leech had served as WAMCO's CIO from 1998 to 2008, and since that time has led the company's global macro effort as the chairman of the global investment strategy committee. According to the letter, Mr. Leech also been managing global portfolios and is a key strategist on Western's U.S. broad market committee.
WAMCO has $461.7 billion in assets under management.