Western Asset Management's U.S mutual funds will shed the name of parent company Legg Mason as it seeks to boost sales.
The funds will use the Western Asset name as part of a rebranding effective Aug. 1, according to SEC filings by Legg Mason on Thursday. Legg Mason made the switch as part of a broader strategy to make the funds more competitive, according to Maria Rosati, a spokeswoman for Legg Mason.
“We're just really trying to make sure that the reputation and the satisfaction that we've delivered to our institutional clients are easily transferred to the retail clients,” Jim Flick, Western Asset's director of global client service and marketing of the bond division, said in a telephone interview. By using the Western Asset name, “we will be able to showcase our capabilities to a broader audience.”
WAMCO's U.S. mutual fund unit had about $447 billion in assets as of March 31.
Legg Mason's assets declined 5.1% in the 12 months ended March 31, to $643.3 billion. Bond assets, managed mostly by the Western Asset unit, fell 0.1% to $356.1 billion, the firm said. Legg Mason's investors pulled $2.8 billion from bond funds and $4.9 billion from stocks during the first quarter while depositing $2.8 billion into Legg Mason's money funds.
Other changes to the funds managed by Western Asset include adding more share classes and modifying investment strategies, steps that are likely to be completed by October, Mr. Flick said.
Legg Mason's affiliates, which include stock fund managers Royce & Associates and ClearBridge Advisors, have autonomy over investment decisions while relying on the corporate parent for strategic advice and sales support.
