Press Room > News > The RLJ Companies, LLC and Western Asset Management Create New Entity to Manage PPIP Assets

The RLJ Companies, LLC and Western Asset Management Create New Entity to Manage PPIP Assets

7/13/2009

Western Asset Management, the fixed income affiliate of Legg Mason, Inc. (NYSE: LM) and The RLJ Companies, the holding company owned by Robert L. Johnson, today announced the creation of a new minority-owned entity that has been selected as a pre-qualified fund manager in the U.S. Department of the Treasury’s Public-Private Investment Program (PPIP).

 
Western Asset Management, the fixed income affiliate of Legg Mason, Inc. (NYSE: LM) and The RLJ Companies, the holding company owned by Robert L. Johnson, today announced the creation of a new minority-owned entity that has been selected as a pre-qualified fund manager in the U.S. Department of the Treasury’s Public-Private Investment Program (PPIP).
 
The new limited liability company will be 51% owned by The RLJ Companies and 49% owned by Western Asset. The new company will benefit from Western Asset’s deep and broad fixed income expertise across asset classes and markets around the world. The RLJ Companies has significant experience running private equity real estate funds, a private equity mid-sized buyout fund, and Urban Trust Bank, the fastest growing minority bank in the nation.  Read More.