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Independent Investment Affiliates

  • 2,800 Employees
  • 29 Cities
  • 190 Countries

Brandywine Global

[X]

Assets by Strategy

  • Fixed Income—79%
  • Diversified Equity—9%
  • Large Cap Equity—9%
  • Small/Mid Cap Equity—3%

Global value investing

Pursuing value since 1986 across equity and fixed-income, globally and in the United States. Historically institutionally focused, the firm has both a boutique’s agility and a leader’s stability and resources.

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[+] brandywineglobal.com

Brandywine Global’s momentum in Fiscal 2014 came from a focus on culture, investment research and reinvestment in the business. Its strong culture led Pensions & Investments to recognize Brandywine as one of the “Best Places to Work.” Brandywine added 50 talented professionals to its team and thoughtfully executed its research agenda, such that 97% of the firm’s clients outperformed their indexes since inception.

The firm also expanded its global reach, opening offices in Montreal and Toronto. As of March 31, 2014, over 43% of the firm’s assets come from 20 countries outside of the United States, while over 68% of assets are managed in global mandates. The firm also substantially grew its sub-advisory business, and now manages $17 billion in mutual fund and UCITS assets, an increase of 15% over fiscal year-end 2013.

All of this led to the ultimate form of sustainable momentum: client satisfaction. The firm’s assets rose to $52 billion, its highest ever.

ClearBridge Investments

[X]

Assets by Product Type

  • High Active Share*—51%
  • Income Solutions—26%
  • Low Volatility—23%



*Active share is a measure of the percentage of stock holdings in a manager's portfolio that differs from the benchmark index.

Quality focused equity

Global investment manager with over 45 years of experience and long-tenured portfolio managers who seek to build income, high active share or low volatility portfolios.

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[+] clearbridge.com

ClearBridge Investments is an active global equity manager with more than $90 billion in assets under management. During the year, ClearBridge’s long-tenured portfolio managers and fundamental research team continued to focus on building portfolios for clients around income solutions, high active share and managed volatility.

An improved equity environment, ClearBridge’s consistent investment discipline and an ongoing commitment to reinvesting in its business drove its success throughout the year. Long-term competitive investment results across client portfolios resulted in new flows of more than $9 billion across portfolio strategies. ClearBridge also expanded its business globally, particularly in Asia and Europe, in conjunction with Legg Mason Global Distribution.

ClearBridge operates with investment independence from its headquarters in New York and offices in Baltimore, San Francisco and Wilmington. ClearBridge portfolio managers are among the most seasoned in the industry, having an average of 25 years of investment experience and 19 years at the firm.

Permal

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Multi-Manager Funds’ Assets by Strategy

  • Global Macro—30%
  • Fixed Income—21%
  • Global Long/Short—21%
  • Event Driven—19%
  • Thematic—3%
  • Equity Long—2%
  • Natural Resources—1%
  • Cash/Other—3%

Global alternative asset manager

Permal Group is a leading global alternative asset manager offering investment solutions through established funds and customized portfolios.

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[+] permal.com

The past year has been marked by highly significant developments. Permal acquired Fauchier Partners, a leading European-based, institutionally focused alternative manager, and successfully merged it into the Group. Permal further enhanced its position as an industry innovator, launching various new products across the liquidity spectrum, including a two-year lock-up fund focused on opportunistic investing, as well as a daily liquid fund—Permal Alternative Select Fund—its first open-end alternative mutual fund. The growth of corporate activism has been a core theme that has played throughout the year, both across Permal’s portfolios and in a dedicated fund. Elsewhere, there was further development on the buyside managed account platform (PMAP), which grew to $8.2 billion, increasing 24% over the past year, and there are now 86 accounts, divided into pari passu and customized exposures. Permal also has built out its customized mandate business, which now accounts for approximately $4 billion of Permal’s assets, and is core to the future as investors look to alternative investment solutions to fulfill specific portfolio requirements.

QS Investors

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Total AUM by Product

  • Global Equities—37%
  • Customized Solutions—36%
  • U.S. Equities—27%

Customized solutions and global quantitative equities

Innovative solutions within a quantitative framework. The firm takes a consultative approach to global asset management, and applies complementary behavioral and fundamental market insights to manage portfolios with a repeatable, risk-aware process.

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[+] qsinvestors.com

Legg Mason acquired QS Investors, a research-driven solutions asset manager, in a transaction that closed on May 30th of 2014. Through QS, we have acquired a globally recognized manager with a distinctive and differentiated investment process, noted solutions capabilities and a proprietary investment platform capable of accommodating significant scale.

There are unique, complementary synergies among QS Investors, Batterymarch and LMGAA, and as previously announced, Batterymarch and LMGAA will be combined over time with QS Investors to create a world-class platform with unique solutions, quantitative equity and multi-manager asset allocation capabilities. The combined platform will be branded under the QS Investors name and headed by QS Investors’ CEO Janet Campagna.

Building a scalable, global solutions platform that can both compete for and win large-scale institutional custom solutions mandates, and bringing these solutions to the retail marketplace, has been one of our top priorities, and we are very pleased to have taken this strong step forward.

Royce & Associates

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Total Invested Assets by Geography

  • U.S. Equity—83%
  • Rest of the World Equity—9%
  • European Equity—3%
  • Cash—5%

Small-cap equity

Known for its disciplined, value-oriented approach to managing small caps. An asset class pioneer, the firm’s founder is one of the longest-tenured active managers.

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[+] roycefunds.com

For more than 40 years, Royce & Associates has utilized a disciplined, value-oriented approach in managing small-cap and other equity portfolios. Known through The Royce Funds, its family of open-end mutual funds, Royce is committed to the same investment principles that have served it well since 1972.

2013 was an exciting year for The Royce Funds. In April, Royce relaunched roycefunds.com to build a simpler, better organized site that’s more vibrant and user-friendly, one that showcases our best asset—our experienced and talented investment staff. The site uses a responsive design to ensure a consistent experience for someone who may start viewing the website in the office on a desktop and continue on a tablet or mobile device on their way home.

The website was recognized by strategic consulting firm Kasina as one of the “10 best advisor websites,” based on availability of content, quality of content and user experience. We were very pleased that the site also received four Mutual Fund Education Alliance awards, including the Overall/Digital/Technology award.

In December, Chris Clark and Francis Gannon were named Co-Chief Investment Officers, a change that became official on January 1, 2014. In their new roles they will provide supervision of Royce’s portfolio management practice. This will encompass appropriate risk management oversight, as well as ensuring portfolio accountability and compliance.

Western Asset

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Total AUM by Mandate

  • Specialized—44%
    (Corporate, Emerging Markets, Long Duration, Global Portfolio, Inflation-Linked)
  • Broad Portfolio—21%
  • Taxable Liquidity—32%
  • Municipals—3%

Fixed income

One of the world’s leading global fixed-income managers. Founded in 1971, the firm is known for team management, proprietary research and a long-term fundamental value approach.

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[+] westernasset.com

While Western Asset’s investment process remained unchanged in the year, we continued to reinvest in our franchise and build out our investment resources. Our success has always been grounded in a steady focus on our investment philosophy and process, and a commitment to hiring exceptional talent—our CIO, Ken Leech, co-served with Steve Walsh last year in preparation for Steve’s retirement. Ken officially took over on March 31.

In the fiscal year and continuing into this year, we have increased our focus on higher-yielding investment solutions in this low interest rate environment, and to unconstrained investing. These areas, specifically, present very attractive global investment opportunities for our clients in an otherwise uncertain environment.

Western Asset earned several honors last year, including awards for Core and Core Plus from Institutional Investor, for the Western Asset High Income Fund and the Global Corporate Bond Fund from Lipper, and for the Legg Mason Western Asset U.S. High Yield Fund from Benchmark Magazine.