Global Currents Investment Management, an international equity boutique owned by Legg Mason, is being melded into the holding company’s biggest equity shop, ClearBridge Advisors.
Global Currents will remain a separate entity for technical reasons, such as forgoing the need to rewrite all of the firm’s management contracts, but its investment and sales professionals will now report to ClearBridge executives, said Legg Mason spokeswoman Mary Athridge.
Paul Ehrlichman, who has served as Global Currents’ chairman and chief investment officer, will now be a senior portfolio manager and head of ClearBridge’s global equity team and report to Harry “Hersh” Cohen, ClearBridge CIO. Michael Dieschbourg, who as Global Current’s president and CEO led the boutique’s global sales efforts, will become head of non-U.S. sales for ClearBridge, reporting to that firm’s president and CEO, Peter Sundman.
Global Currents was spun out of another Legg boutique, Brandywine Global, during the first half of 2008, with roughly $10 billion in client assets — just as global equity markets were poised to plunge. As of March 31, Global Currents reported about $4.5 billion in client assets.
Ms. Athridge said the move to consolidate that global equity business into ClearBridge was simply the most efficient way to serve clients.