GLOBAL – Legg Mason has organized its business into three units and revamped its management structure as it absorbs its acquisition of the Citigroup Asset Management business.
The Baltimore-based firm, which now has $868bn in assets under management, said the change reflected the “integration and strategic rationalization of the acquired businesses”.
The new businesses are Global Managed Investments, International Asset Management, and US Asset Management.
They’ll be headed by Mark Fetting, 51, Timothy Scheve, 48, and Peter Bain, 47, respectively. Scheve remains chief administrative officer.
The firm’s new president James Hirschmann said: "This organizational structure is better suited to our current mix of business, and I am confident that this seasoned team will continue to lead our future growth and success.
“This realignment of our asset management business is a logical step in a dynamic process and more accurately reflects the business and operations of the firm as we now exist."
Global Managed Investments includes the Mutual Funds division which includes: ClearBridge Advisors, Legg Mason Capital Management, and Royce & Associates. It also encompasses branded mutual funds sold.
International Asset Management encompasses the firm’s investment management subsidiaries based outside the US, consisting of Legg Mason International Equities and Legg Mason Canada.
And US Asset Management comprises the firm's current US-based institutional and wealth management divisions.
It includes subsidiaries: Barrett Associates, Bartlett & Co., Batterymarch Financial Management, Berkshire Asset Management, Bingham Legg Advisors, Brandywine Global Investment Management, Legg Mason Investment Counsel & Trust, Legg Mason Real Estate Investors, The Permal Group, Private Capital Management, and Western Asset Management.