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.

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.