Family Office
Legg Mason spin-off open for business
Asset manager Stone Harbor rises from the ashes of Salomon
Brothers AM. Legg Mason spin-off Stone Harbor has opened its
doors for business with $8.5 billion in assets already under
management. But then with about 50 partners – all of them former
Legg Mason staffers by way of Citigroup Asset Management (CAM) –
Stone harbor has a lot of mouths to feed.
Most of Stone Harbor’s partners come from CAM’s Salomon Brothers
Asset Management unit.
Stone Harbor concentrates on emerging debt, high-yield corporate
debt, global high-yield and core-plus fixed income. The company
manages 30 accounts, for an all-institutional client roster,
including $2 billion worth from non-U.S. investors.
New York-based Stone Harbor’s CIO Peter Wilby says the firm’s
senior investment team has worked together for nearly 15 years,
and that its relationship with some its clients goes back just as
far. –FWR
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