MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, November 5, 2012 Wamco Wants Bill Gross' Deal 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. Printed from: MFWire.com/story.asp?s=41902 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |