Western Asset Management Company
| Company type | Subsidiary |
|---|---|
| Industry | Investment management |
| Founded | October 1971 |
| Founder | United California Bank |
| Headquarters | Pasadena, California , United States |
Area served | Worldwide |
| Products | Fixed-income investment portfolios |
| Parent | Franklin Templeton |
Western Asset Management Company is a worldwide firm specializing in fixed-income investments, headquartered in Pasadena, California. As of June 30, 2024, it manages $381.1 billion in assets under management through nine offices located on five continents. The company caters to both institutional and individual investors by providing a diverse selection of core, sector-focused, and tailored bond portfolios that span all areas of the bond market. Since its inception in 1971, Western Asset has adopted a collaborative investment strategy centered solely on fixed-income instruments.
Founding and Development (1971–1986)
Western Asset Management Company was founded in October 1971 by United California Bank (which later became First Interstate) and gained SEC registration as an investment advisor that December. In December 1986, it was purchased by Legg Mason, Inc., enhancing Legg Mason’s fixed-income investment offerings.
To broaden its non-U.S. dollar capabilities, Legg Mason acquired Lehman Brothers Global Asset Management Limited in London in February 1996. This entity was renamed Western Asset Management Company Limited and functions as the firm’s London branch. Additionally, to reinforce its Asian market presence, Western Asset Management Company Pte. Ltd. was launched in Singapore.
In December 2003, Legg Mason expanded Western Asset’s operations by acquiring the fixed-income segment of Rothschild Asset Management (Singapore) Limited. Further global expansion occurred when Legg Mason purchased a major portion of Citigroup's asset management business, trading its brokerage and capital markets divisions. This acquisition brought new offices in New York, São Paulo, Hong Kong, Tokyo, and Melbourne, along with additional personnel and assets.
In July 2020, Franklin Templeton completed a $4.5 billion acquisition of Legg Mason, integrating Western Asset Management as one of Franklin Templeton's Specialist Investment Managers.