Western Asset Management Company
 | |
| Industry | Investment management |
|---|---|
| Founded | 1971 |
| Headquarters | Pasadena, California, United States |
Key people |
James W. Hirschmann III (CEO) S. Kenneth Leech (CIO) Michael C. Buchanan (Deputy Chief Investment Officer) |
| Products | Asset management, Fixed income, Money market, Alternative investments, Closed-end funds, Open-end funds, Corporate bonds, High-yield debt, Government bonds, Municipal bonds |
| AUM |
US$459.8 billion (as of 30 June 2016) |
| Website |
www |
Western Asset Management Company is a global fixed-income investment firm headquartered in Pasadena, California, with nine offices on five continents[1] and $459.8 billion in assets under management as of June 30, 2016.[2] The firm offers institutional and retail investors a broad range of core, sector-specific, and customized bond portfolios across every sector of the bond market. The company utilizes a team-based investment approach and has focused exclusively on fixed-income securities since its founding in 1971. It has gained industry recognition for its history of superior, long-term investment returns, most notably with Morningstar's award for 2014 US Fixed-Income Fund Manager of the Year.[3]
History
Early years (1971-1986)
Western Asset Management Company was founded in October 1971 by United California Bank (which later became First Interstate), and became an SEC-registered investment advisor in December of that year. In December 1986, Western Asset was acquired by Legg Mason, Inc., and is now an independent affiliate of that firm that operates as an autonomous investment management company.
Expansion (1996-present)
In February 1996, Legg Mason acquired Lehman Brothers Global Asset Management Limited, based in London, to broaden Western Asset's non-dollar capabilities. Now known as Western Asset Management Company Limited, it operates as the firm’s London office. To enhance its presence in Asia, Western Asset Management Company Pte. Ltd. was established in Singapore.
In December 2003, the fixed-income division of Rothschild Asset Management (Singapore) Limited was acquired by Legg Mason and merged into the existing operation. To further develop Western Asset's capabilities and global presence, Legg Mason acquired a substantial part of Citigroup's asset management business in exchange for its brokerage and capital markets business. As part of the transaction, Western Asset gained new offices in New York, São Paulo, Hong Kong, Tokyo and Melbourne, in addition to related staff and assets.
In December 2011, Western Asset opened a representative office in Dubai in the United Arab Emirates to further expand its global footprint and better serve clients located in the region.
Awards
- Best Institutional Product/Strategy For Macro Opportunities, 2014
- Best Institutional Solutions Provider (Fixed Income), 2014
- U.S. Fixed-Income Core Manager of the Year Award, 2013
- U.S. Fixed-Income Core Plus Manager of the Year Award, 2013
- Western Asset High Income Corporate Bond (Multi-Currency) Fund (USD Class) named the Best Global Corporate Bond Fund for 3 Years (Japan), 2014
- 2004 Morningstar U.S. Fixed Income Fund Manager of the Year.
- 2014 Morningstar U.S. Fixed Income Fund Manager of the Year.
- Best Performing Global Macro Strategy—Liquid Alternatives, 2014
- Best Global Fixed Income Products, 2014
- Best Investment Management Company, Singapore, 2014