Anup Agarwal was named head of structured products at Western Asset Management Co., according to a letter sent to clients on Monday by James Flick, the firm's director of global client services and marketing.
Mr. Agarwal will start in August and is in the process of moving his family to the Pasadena, Calif., according to the letter. He is replacing Paul Jablansky who left WAMCO in June.
Mr. Agarwal was head of consumer finance at Stark Investments and was responsible for managing agency and non-agency mortgage-backed securities, asset-backed securities, commercial mortgage-backed securities and collateralized debt obligation strategies, as well as an opportunistic mortgage fund.
Mary Athridge, a spokesman for WAMCO parent Legg Mason, said in an e-mail that Mr. Agarwal has a long track record in running unconstrained and hedge fund type products and company officials feel that opportunities in structured market strategies are going in that direction.
It could not be learned by press time if a replacement for Mr. Agarwal had been named. Mike Roth, head of business development, and Dan McNally, chief operating officer and general counsel, for the company, were unavailable for comment.