Legg Mason Partners Launches 130/30 U.S. Large Cap Equity Fund

    Fund Structure Aimed at Investment Needs of Retail Investors and Smaller
    Institutional Investors

    NEW YORK, Jan. 22 /CNW/ -- Legg Mason, Inc., a leading global asset
manager, today announced that it has entered the 130/30 retail and
institutional funds marketplace by launching the Legg Mason Partners 130/30
U.S. Large Cap Equity Fund. The fund is subadvised by Batterymarch Financial
Management, Inc., which in 2007 introduced a 130/30 U.S. Large Cap
separate-account strategy for institutional investors. The new fund will be an
important product focus for Legg Mason's funds distribution arm, directed at
individual investors as well as 401K and other defined contribution programs.
    The Legg Mason Partners 130/30 U.S. Large Cap Equity Fund, which began
trading on November 8, 2007, may be appropriate for retail investors who seek
additional return from active managers, want to diversify their portfolios and
understand the risks and rewards associated with shorting. It is also a
vehicle for institutions that are interested in adding potential alpha-seeking
strategies to their overall asset allocation but do not have prime brokerage
    "After seeing much demand for the 130/30 product among institutional
investors, we are excited to roll out a vehicle for retail and smaller
institutional investors," stated Brian Chiappinelli, Manager and Product
Specialist for Batterymarch Financial Management.
    Batterymarch is a leading quantitative equity manager with over 40 years
of experience in the business, including a decade managing long/short
portfolios. Like all Batterymarch investment products, the firm's 130/30
strategy incorporates multiple risk control measures including minimum
liquidity requirements, broad diversification and rules-based investment
decisions. In addition, the investment team has extensive experience working
with prime brokers to execute short-side trades. For more information on the
130/30 U.S. Large Cap Equity Fund, please access:
    About Legg Mason
    Legg Mason, Inc. is a global asset management firm, with over $1 trillion
in assets under management as of September 30, 2007. The Company provides
active asset management in many major investment centers throughout the world.
Legg Mason is headquartered in Baltimore, Maryland and its common stock is
listed on the New York Stock Exchange (NYSE:   LM).
    About Batterymarch
    Batterymarch, a wholly owned, independently operated subsidiary of Legg
Mason, Inc., manages U.S., international, emerging markets, global and hedged
equity assets for institutional investors and subadvisory clients. One of the
pioneers of quantitative investing, Batterymarch is an SEC-registered
investment advisor and the sole quantitative manager among Legg Mason's
subsidiaries. As of December 31, 2007, Batterymarch has $29.8 billion in total
assets under management, representing clients based in North America, Europe
and Asia. For more information, visit http://www.batterymarch.com.
    Investors should consider the Fund's investment objectives, risks,
charges and expenses carefully before investing. The prospectus contains this
and other information about the Fund. To obtain a free prospectus, please call
your financial professional or visit www.leggmason.com/individualinvestors.
Please read the prospectus carefully before investing.
    Investment Risks -- All investments involve risk including the possible
loss of principal.  The Fund may suffer significant losses on assets that it
sells short. Unlike the possible loss on a security that is purchased, there
is no limit on the amount of loss on an appreciating security that is sold
short. By using the cash proceeds from short sales to purchase additional
securities the Fund expects to use leverage, which involves special risks. The
use of leverage may make any change in the Fund's net asset value even greater
and cause increased volatility of returns. The Fund cannot guarantee that its
leveraging strategy will be successful. The Fund may engage in active and
frequent trading, resulting in higher portfolio turnover and transaction
costs. This may lead to the distribution of higher capital gains to
shareholders, increasing their tax liability. The Fund may use derivatives,
such as options and futures, which can be illiquid, may disproportionately
increase losses, and have a potentially large impact on Fund performance. Legg
Mason Investor Services, LLC. and Batterymarch Financial Management, Inc. are
subsidiaries of Legg Mason, Inc.

For further information:

For further information: Maria Rosati of Legg Mason, Inc., 
+1-212-805-6036, mrosati@leggmason.com; or Gina Solomon of Batterymarch, 
+1-617-266-8300, gsolomon@batterymarch.com Web Site: http://www.leggmason.com 

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