Legg Mason unveiled portfolio management changes in several funds run by its ClearBridge Advisors unit.
In the coming months, the $33.8 million Legg Mason Partners Equity Income Builder Fund will be merged into the $1.7 billion Legg Mason Partners Capital and Income Fund, according a statement from Legg Mason.
The Capital and Income Fund will be co-managed by ClearBridge senior portfolio manager and CIO Harry “Hersh” Cohen, portfolio manager Peter Vanderlee and senior portfolio analyst Mike Clarfeld.
Along with these changes, Mr. Cohen will step down Dec. 31 as co-manager of the $4.1 billion Legg Mason Partners Appreciation Strategy Fund. He will be replaced by Scott Glasser, a senior portfolio manager and co-director of research at ClearBridge.
Mr. Glasser will relinquish his responsibilities as co-manager of the $1.7 billion Legg Mason Partners Dividend Strategy Fund, and will also hand over his role as co-director of research at ClearBridge to portfolio manager Tom Hudson.
Also, Alan Blake, co-manager of the $2 billion Legg Mason Partners Large Cap Growth, is retiring in October. Mr. Glasser will replace him as co-manager.
David Hoffman is a reporter at InvestmentNews, a sister publication of Pensions & Investments