LMP Capital and Income Fund Inc. Announces Portfolio Management Changes and Conference Call
06 August 2009 - 7:00AM
Business Wire
LMP Capital and Income Fund Inc. (NYSE: SCD) today announced
that effective immediately, Harry D. “Hersh” Cohen, Peter
Vanderlee, CFA, and Michael Clarfeld, CFA, of ClearBridge Advisors
have been named lead portfolio managers of the Fund. As the lead
portfolio managers, they are responsible for the day-to-day
management of the Fund’s equity assets and for the allocation of
the Fund’s assets between equity and fixed income investments. The
portfolio management team from Western Asset Management Company
will continue to be responsible for the Fund’s fixed income
investments.
As of June 30, 2009, ClearBridge Advisors had approximately
$47.1 billion in assets under management, and Hersh Cohen, Peter
Vanderlee, and Michael Clarfeld collectively bring with them over
60 years of investment industry experience. Mr. Cohen currently
manages ClearBridge Advisors’ Appreciation portfolios and Mr.
Vanderlee currently manages ClearBridge Advisors’ Dividend Strategy
portfolios. Together, they manage ClearBridge Advisors’ Equity
Income Builder portfolios. Mr. Clarfeld has been with ClearBridge
Advisors since 2006.
- Hersh Cohen is Chief Investment
Officer, Managing Director, and Senior Portfolio Manager with
ClearBridge Advisors, a unit of Legg Mason, Inc. Mr. Cohen has over
40 years of investment industry experience and was a nominee for
Morningstar’s Domestic-Equity Manager of the Year in 2008 for Legg
Mason Partners Appreciation Fund. Mr. Cohen received his BA from
Western Reserve University and earned a PhD in Psychology from
Tufts University.
- Peter Vanderlee, CFA, is a
Managing Director and Portfolio Manager with ClearBridge Advisors.
He has 10 years of investment management experience and 12 years of
related investment experience. He received his MS from the
University of Technology, Eindhoven, Holland, and earned his MBA
from New York University. He is a member of the CFA Institute.
- Michael Clarfeld, CFA, is a
Director and Portfolio Manager with ClearBridge Advisors. He has 10
years of investment management experience. He received his BA from
Duke University, is a member of the CFA Institute and the New York
Society of Security Analysts.
“These appointments reflect a careful analysis of ClearBridge’s
investment capabilities as we continue to examine ways to best
serve our clients. Each of these managers has a proven record in
managing income-oriented portfolios, and we believe that
shareholders in this Fund will benefit from the insights they’ve
gained from successful management of similar portfolios. We believe
the investment expertise of this team of equity portfolio managers
will complement the existing team of fixed income portfolio
managers at Western Asset Management,” said Peter Sundman, Chief
Executive Officer of ClearBridge Advisors.
The Fund will host a conference call with the new equity
portfolio management team to discuss their views on the Fund and
the broader markets.
CALL DATE: August 11, 2009 CALL TIME: 4:15 pm (Eastern Time)
DIAL-IN NUMBER: 1-888-831-4305 PASSCODE: Legg Mason
Shortly after its conclusion, a replay of the call will be made
available on the Fund’s website at www.leggmason.com/cef.
LMP Capital and Income Fund Inc. is a non-diversified,
closed-end management investment company. Legg Mason Partners Fund
Advisor, LLC, a wholly-owned subsidiary of Legg Mason, Inc., serves
as the Fund's investment manager and is sub-advised by ClearBridge
Advisors, LLC, and Western Asset Management Company, affiliates of
the investment manager.
For more information, please contact the Fund at 1-888-777-0102
or consult the Fund’s web site at www.leggmason.com/cef.
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