Western Asset Management (WAM), the fixed income affiliate of Legg Mason and RLJ Companies, a private holding company, has announced the creation of a new minority-owned entity that has been selected as a pre-qualified fund manager in the US Department of the Treasury’s Public-Private Investment Program (PPIP).
WAM has reported that the new limited liability company will be 51% owned by The RLJ Companies and 49% owned by Western Asset. WAM expects that the new company will benefit from its fixed income team available across asset classes and markets around the globe and RLJ’s experience in running private equity real estate funds.
Robert Johnson, Chairman of RLJ Companies, said: “As a minority-owned company, partnering with Western Asset is an example of how companies can come together to restore the US economy and demonstrate the positives of diversity partnerships within our nation.”
James Hirschmann, CEO of Western Asset, said: “Our focus on long-term, value oriented investing, coupled with the operating expertise of The RLJ Companies, gives us an ability to find attractive investments for our clients.”
