Products August 7, 2009

ShareBuilder 401k Launches Platform for RIAs

ShareBuilder 401k, provider of 401(k) plans for businesses with one to 250 employees, has introduced a 401(k) offering to be sold through registered investment advisers (RIAs).

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RIAs log into the ShareBuilder 401k PRO Web site, type in their client’s information and, in about 30 seconds, they have a proposal they can e-mail to clients or print and provide in person, according to a release from ShareBuilder. The proposal outlines the details and costs for a 401(k) plan, and can include one or more scenarios.

The site also gives RIAs access to tools that allow the RIAs to educate their clients on everything from plans, funds, and services, as well as features such Roth, automatic enrollment, and safe harbor, the company said.

ShareBuilder 401k will host a free Webinar on August 14 at 12 p.m. EST to preview the product. Advisers interested in this event can visit www.sb401kadvisors.com to register. There is no cost for advisers to join the ShareBuilder 401k program.

Deals & People August 7, 2009

Legg Mason Shifts Funds, Announces Manager Retirements

Legg Mason Inc. reorganized five funds in its ClearBridge Advisors unit as money manager Alan Blake and Hersh Cohen, the division’s investment chief, are set to retire.

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Maria Rosati, a spokeswoman for the Baltimore-based company, told Bloomberg that Cohen will end his tenure as manager of the Legg Mason Partners Appreciation Fund as he prepares for his eventual retirement. Blake, manager of the $2 billion Legg Mason Partners Large Cap Growth Fund, will retire in October.

The company disclosed the changes in filings today with the U.S. Securities and Exchange Commission, according to Bloomberg.

Legg Mason Partners Appreciation will be managed by Scott Glasser and Michael Kagan. Glasser and Peter Bourbeau will replace Blake on Large Cap Growth.

Glasser will relinquish his roles of manager of the $1.7 billion Legg Mason Partners Dividend Strategy Fund and co-director of research.

The $33.8 million Legg Mason Partners Equity Income Builder will be merged into the larger $1.7 billion Capital and Income Fund. As part of that combination, manager Robert Gendelman will leave the firm, Rosati said, according to Bloomberg.

Cohen will manage Capital and Income with Peter Vanderlee and Mike Clarfeld.

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