US asset manager Legg Mason is set to open a representative office in Colombia as it continues to ramp up its presence in Latin America, Citywire Americas can reveal.
Colombia’s market regulator authorized Legg Mason to promote investment products and services from affiliates Western Asset Management Company, ClearBridge Investments, Brandywine Global Investment Management, QS Investors and Royce & Associates, according to a document from the Superintendencia Financiera de Colombia dated September 28.
Legg Mason got permission to sell products such as mutual funds, private investment funds formed under US, Ireland and Cayman Island law, as well as discretionary mandates for institutional clients, according to the document.
The investment strategies the firm could offer include US, Europe and Asia large, mid and small cap; fixed-income vehicles such as funds that invest in corporates and mortgage-backed securities; and money market funds, according to the statement.
A local agent for the firm, Ricardo Fandiño De la Calle, filed the initial approval request with the market regulator on April 5, according to the September 28 statement.
Colombian regulation stipulates that international financial institutions looking to market foreign products and services in the country must set up a representative office. Local law allows one office to represent several brands as long as the firms have the same parent company or one is a subsidiary.
As of August 31, Baltimore-based Legg Mason ran $752.4 billion, according to its website. The firm had nine investment affiliates and clients on six continents.
Citywire Americas reported in August that the firm had expanded its Brazil feeder fund range with the launch of two vehicles.