Print this article

Legg Mason spin-off open for business

FWR Staff

17 April 2006

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 – 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

.