Legg Mason is winding down its emerging markets equity affiliate Esemplia.
The London-based money management unit runs about $500 million in assets, primarily for retail clients, said Mary Athridge, Legg Mason spokeswoman.
Esemplia was acquired by Legg Mason from Citigroup in 2005, Ms. Athridge said.
Jim Kandunias, Esemplia's CEO, will remain with the firm during the wind-down, Ms. Athridge said it hasn't been determined whether Mr. Kandunias or other Esemplia staff will be moved to other Legg Mason businesses.
“Given the firm's small size, we believe this decision best serves both Esemplia's clients and Legg Mason's shareholders,” according to a statement from Legg Mason. “Legg Mason remains committed to building our international equity capabilities. We are looking at a number of ways to do that, including the acquisition of a partner with a strong investment track record who can leverage our global distribution organization, building that capability within our existing scale affiliates or a combination of the two.”
Efforts to reach Mr. Kandunias were unsuccessful.