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Not to be confused with West Asset Management.
Western Asset Management Company
Company typePublic
NYSE: WMC
IndustryFinancial services
FoundedOctober 1971 (1971-10)[1]
Headquarters
Pasadena, California
,
USA
Number of locations
9[2]
Key people
James W. Hirschmann (President and Chief Executive Officer)
Bruce D. Alberts (Director of Finance and Administration & Chief Financial Officer)
Brett B. Canon (Director of Risk Management & Operations)
Gavin L. James (Director of Global Portfolio Operations)
James J. Flick
ServicesFixed income asset management
AUMUS$ 436.4 billion (as of 30 June 2013)[1]
ParentLegg Mason
Websitewww.westernasset.com

Western Asset Management Company is a global asset management firm specializing in alternative investment strategies. Western Asset emphasizes an opportunistic, value-oriented, and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. As of June 30, 2013, the company managed $436.4 billion, primarily on behalf of pension funds, foundations, endowments, and sovereign wealth funds.[1]

On May 10, 2012, Western Asset Mortgage Capital Group became listed on the NYSE: WMC.[3]

The firm was founded in 1971.[4] As of 2012 it has over 900 employees and offices in Pasadena, where it is headquartered, Pasadena, New York, Melbourne, Tokyo, Singapore Hong Kong, London, UK, Sao Paulo, Brazil, Dubai.[2]

Firm overview edit

File:Western asset plaza.jpg
Western Asset is headquartered in Pasadena, California

With headquarters in Pasadena, the firm has over 900 employees and offices in 9 cities worldwide including New York, Melbourne, Tokyo, Singapore (Hong Kong), London, UK, Sao Paulo, Brazil, Dubai.[2]

Investment philosophy edit

Western Asset's investment philosophy is to provide clients with diversified, tightly controlled, value-oriented portfolios. The Firm's management style emphasizes the use of multiple strategies and active sector rotation and issue selection, while constraining overall interest rate risk relative to the benchmark.

Long-term, fundamental value discipline

Western Asset employs an active process that is both top-down and bottom-up.

Diversified strategies

Western Asset provides effective diversification within each sector mandate and across the Firm's multi-strategy products.

Integrated risk management

Risk management is integrated into Western Asset's investment process.

History edit

Early years (1971-1986) edit

Western Asset Management Company was founded in October 1971 by United California Bank (which later became First Interstate Bancorp), and became an SEC-registered investment advisor in December of that year.

In December 1986, Western Asset was acquired by Legg Mason, Inc (Legg Mason). An independent affiliate of that firm, Western Asset operates as an autonomous investment management company.

Expansion (1996-2004) edit

In February 1996, in order to broaden Western Asset's non-dollar capabilities, Legg Mason acquired Lehman Brothers Global Asset Management Limited, based in London and renamed it Western Asset Management Company Limited. It operates as the Firm's London office.

In September 2000, in order to enhance Western Asset's Asian presence, Western Asset Management Company Ptd. Ltd. (previously known as Legg Mason Asset Management (Asia) 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.

In December 2005, in order to further enhance Western Asset's capabilities and global presence, [5] in exchange for its brokerage and capital markets business. As part of this transaction, the Firm gained new offices in New York, São Paulo, Hong Kong, Tokyo and Melbourne, as well as related staff and assets.

Recent Years (2010-present) edit

In recent years...

Other recent funds

According to the company’s published financial results, during the quarter ended March 31, 2012, Western Asset held a first closing for Western Asset Opportunities Fund IX, LP with $1.2 billion.[6] Like its other Opportunities funds, Fund IX will focus on “market pricing inefficiencies resulting from company reorganizations and restructurings, and the senior and secured debt of operationally sound, overleveraged companies in the United States and Western Europe.”[7]

NYSE listing

On April 12, 2012, Western Asset became a publicly traded partnership with shares listed on the NYSE.[8]

Investment funds edit

Western Asset’s current investment activities are divided across six main asset classes: distressed debt corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Fund structures within each asset class vary, and are organized into exchange-traded funds, open-end funds, or closed-end fund types.



See also edit

References edit

  1. ^ a b c "About Western Asset". Pasadena: Western Asset Management. Retrieved 2013-10-06.
  2. ^ a b c "Western Asset Management's global presence". Pasadena: Western Asset Management. Retrieved 2013-10-06.
  3. ^ Jones, Kristin (October 3, 2013). "Western Asset prices IPO at $20 a share". The Wall Street Journal. Retrieved October 4, 2013.
  4. ^ "Company Overview of Western Asset Management Company". Bloomberg. October 3, 2013. Retrieved October 4, 2013.
  5. ^ Legg Mason acquired a substantial part of Citigroup's asset management business Cite error: The named reference "citi" was defined multiple times with different content (see the help page).
  6. ^ Cite error: The named reference six was invoked but never defined (see the help page).
  7. ^ Cite error: The named reference seven was invoked but never defined (see the help page).
  8. ^ Cite error: The named reference deal was invoked but never defined (see the help page).

External links edit

Category:Companies listed on the New York Stock Exchange Category:Companies established in 1971 Category:Hedge fund firms in California Category:Private equity firms of the United States Category:Companies based in Pasadena, California

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