A Legg Mason executive on Tuesday gave an update on the Baltimore firm's mutual fund reorganization efforts.

"It's a work in progress," said Matt Schiffman, head of Americas retail at the Baltimore-based investment manager, in an interview with The MFWire. "We're prepared to make proposals to boards next month."

When Legg Mason reported its fourth quarter results in January, it outlined plans to undertake what it described as a "major reorganization" of its mutual fund lineup, which at the time consisted of 142 offerings. Company executives said they will look into merging or liquidating some products.

The outcome of the review will likely be seen in the third or fourth quarter, Schiffman told The Baltimore Sun in January.

Meanwhile, Legg Mason has launched a mutual fund managed by its fund-of-hedge-funds affiliate, Permal Asset Management (see The MFWire, 04/14/09). The Legg Mason Permal Tactical Allocation Fund, unveiled Tuesday, marks Permal's first foray into mutual funds. 

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