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