Certain Western Asset Sub-Advised Closed-End Funds Announce Portfolio Manager Change
15 April 2011 - 10:00PM
Business Wire
Western Asset Emerging Markets Debt Fund Inc. (NYSE: ESD),
Western Asset Emerging Markets Income Fund Inc. (NYSE: EMD),
Western Asset High Income Fund Inc. (NYSE: HIF),
Western Asset High Income Fund II Inc. (NYSE: HIX),
Western Asset High Income Opportunity Fund Inc. (NYSE: HIO),
Western Asset High Yield Defined Opportunity Fund Inc. (NYSE:
HYI),
Western Asset Inflation Management Fund Inc. (NYSE: IMF),
Western Asset Intermediate Muni Fund Inc. (NYSE Amex: SBI),
Western Asset Managed High Income Fund Inc. (NYSE: MHY),
Western Asset Managed Municipals Fund Inc. (NYSE: MMU),
Western Asset Mortgage Defined Opportunity Fund Inc. (NYSE:
DMO),
Western Asset Municipal High Income Fund Inc. (NYSE: MHF),
Western Asset Municipal Partners Fund Inc. (NYSE: MNP),
Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY),
Western Asset Worldwide Income Fund Inc. (NYSE: SBW), and
LMP Capital and Income Fund Inc. (NYSE: SCD), which are
subadvised by Western Asset Management Company, today issued the
following statement:
In his role as CIO Emeritus, S. Kenneth Leech plays an active,
hands-on role in determining Western Asset’s investment philosophy
and strategy, working closely with CIO Stephen A. Walsh and serving
on various investment strategy committees.
As part of a planned and strategic evolution, Mr. Leech has
gradually focused more of his time on the global investment
marketplace and on managing global portfolios, while continuing to
play a lead role in shaping Western Asset’s overall investment
strategies and macro themes.
In light of his changing role and expected further concentration
on global accounts, as of May 1, Mr. Leech will no longer serve as
a portfolio manager for non-global portfolios, including non-global
closed-end funds. While Mr. Leech continues to help shape Western
Asset’s overall investment strategy, his day-to-day role is
becoming more concentrated on global portfolios. To reflect this
global focus, he will continue to serve as a portfolio manager of
the global funds Western Asset Global Corporate Defined Opportunity
Fund Inc. (NYSE: GDO); Western Asset Global High Income Fund Inc.
(NYSE: EHI); and Western Asset Global Partners Income Fund Inc.
(NYSE: GDF), but not of the non-global funds.
As CIO, Mr. Walsh will remain listed as part of the portfolio
management team on all funds.
The Funds are managed by Legg Mason Partners Fund Advisor, LLC,
and subadvised by Western Asset Management Company. LMP Capital and
Income Fund Inc. is also subadvised by ClearBridge Advisors, LLC.
All are wholly owned subsidiaries of Legg Mason, Inc.
Contact the Funds at 1-888-777-0102 for more information, or
consult the Funds’ web site at www.leggmason.com/cef.
Data and commentary provided in this press release are for
informational purposes only. Legg Mason and its affiliates do not
engage in selling shares of the Fund.
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