Western Asset Management Company is a global fixed-income investment firm headquartered in Pasadena, California, with nine offices on five continents and $484.5 billion in assets under management as of December 31, 2020. 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 bond market (also debt market or credit market) is a financial market where participants can issue new debt, known as the primary market, or buy and sell debt securities, known as the secondary market. This is usually in the form of bonds, bu ...

. The company utilizes a team-based investment approach and has focused exclusively on fixed-income securities since its founding in 1971.

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.

Expansion (1996-present)

In February 1996, Legg Mason acquired Lehman Brothers Global Asset Management Limited, based in

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

, 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 Asia (, ) is one of the world's most notable geographical regions, which is either considered a continent in its own right or a subcontinent of Eurasia, which shares the continental landmass of Afro-Eurasia with Africa. Asia covers an are ...

, Western Asset Management Company Pte. Ltd. was established in

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...

. 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 A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be con ...

and

capital markets A capital market is a financial market in which long-term debt (over a year) or equity-backed securities are bought and sold, in contrast to a money market where short-term debt is bought and sold. Capital markets channel the wealth of savers ...

business. As part of the transaction, Western Asset gained new offices in New York,

São Paulo São Paulo (, ; Portuguese for ' Saint Paul') is the most populous city in Brazil, and is the capital of the state of São Paulo, the most populous and wealthiest Brazilian state, located in the country's Southeast Region. Listed by the Ga ...

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta i ...

Tokyo Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and List of cities in Japan, largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, ...

and

Melbourne Melbourne ( ; Boonwurrung/Woiwurrung: ''Narrm'' or ''Naarm'') is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in both Australia and Oceania. Its name generally refers to a met ...

, in addition to related staff and assets. In December 2011, Western Asset opened a representative office in

Dubai Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...

. In July 2020, Franklin Templeton acquired Legg Mason, making Western Asset Management one of Franklin Templeton's Specialist Investment Managers. About Franklin Templeton: Franklin Resources, Inc. YSE: BENis a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. Franklin Templeton’s goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries.

References

{{Franklin Templeton 1971 establishments in California American companies established in 1971 Companies based in Pasadena, California Financial services companies established in 1971 Financial services companies based in California Investment management companies of the United States