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Rating:Wamco Wants Bill Gross' Deal Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 05, 2012

Wamco Wants Bill Gross' Deal

News summary by MFWire's editors

The times, they are a changing, again, at Legg Mason [profile].

Bloomberg reports that Western Asset Management Co., Legg Mason’s fixed-income affiliate, is seeking more control of its mutual fund sales, according to a person familiar with the matter.

According to the article, Wamco, which manages $459.7 billion, is trying to negotiate a move away from the centralized distribution model in which sales of retail products go through its parent company, said Bloomberg's unnamed source. The unit won’t seek a spinoff from Legg Mason if the talks aren’t successful, the source told the wire service.

MFWire recently did an analysis of WAMCO and whether it could be a candidate for spinoff. Reuters quickly followed suit with its own take on the situation.

Over two years ago, Pimco [profile] asserted control over its own sales destiny setting up its own broker-dealer. It was just one step, out of many, in the ongoing awkward dance between Bill Gross and parent company Allianz.

Read more about the development on Bloomberg

Edited by: Tommy Fernandez


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