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Western Asset Management

SEC-registered adviser since 1971Pasadena, CACRD 110441

$185.0B
AUM
31,897
Clients
See fees
Fee
82
Advisory staff

From Form ADV filed 16 September 2026 · data retrieved 15 October 2026SEC record

Western Asset Management is an investment adviser headquartered in Pasadena, California, and registered with the SEC since 1971. Its clients include investment companies, pooled investment vehicles and insurance companies. High-net-worth individuals account for 0% of its regulatory assets under management.

Its services include portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles, and portfolio management for institutions. Fee arrangements include a percentage of assets under management and performance-based fees. Legg Mason, Inc. owns 75% or more of Western Asset Management.

Clients

Western Asset Management serves 31,897 clients, 30,187 of them other individuals. The average client has about $5.8 million with the firm, and high-net-worth clients hold 0% of its $185 billion in assets.

Regulatory assets by client type
  • Individuals30,187 clients4%
  • Investment companies57 clients44%
  • Pooled investment vehicles48 clients15%
  • Pension and profit-sharing plans451 clients5%
  • Charitable organizations292 clients3%
  • OtherState or municipal government entities, Insurance companies, Sovereign wealth funds and foreign official institutions, Corporations and other businesses, High-net-worth individuals, Banking or thrift institutions, Other investment advisers29%
Show client breakdown
Individuals (other than HNW)
Clients
30,187
Regulatory AUM
$7,336,146,232
Share
4.0%
Avg. per client
$243K
High-net-worth individuals
Clients
231
Regulatory AUM
$749,586,296
Share
0.4%
Avg. per client
$3.24M
Banking or thrift institutions
Clients
2
Regulatory AUM
$1,139,275
Share
0.0%
Avg. per client
$570K
Investment companies
Clients
57
Regulatory AUM
$82,053,361,725
Share
44.4%
Avg. per client
$1.44B
Pooled investment vehicles
Clients
48
Regulatory AUM
$27,644,021,755
Share
14.9%
Avg. per client
$575.9M
Pension and profit-sharing plans
Clients
451
Regulatory AUM
$9,860,549,302
Share
5.3%
Avg. per client
$21.9M
Charitable organizations
Clients
292
Regulatory AUM
$5,255,909,500
Share
2.8%
Avg. per client
$18.0M
State or municipal government entities
Clients
21
Regulatory AUM
$11,644,840,664
Share
6.3%
Avg. per client
$554.5M
Other investment advisers
Clients
2
Regulatory AUM
$2,422,148,890
Share
1.3%
Avg. per client
$1.21B
Insurance companies
Clients
20
Regulatory AUM
$25,488,334,450
Share
13.8%
Avg. per client
$1.27B
Sovereign wealth funds and foreign official institutions
Clients
3
Regulatory AUM
$6,886,381,091
Share
3.7%
Avg. per client
$2.30B
Corporations and other businesses
Clients
583
Regulatory AUM
$5,645,923,241
Share
3.1%
Avg. per client
$9.68M

Total

Clients
31,897
Regulatory AUM
$184,988,342,421
Share
100%
Avg. per client
$5.80M

What it does

Western Asset Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions. It is paid through a percentage of assets and performance-based fees.

Western Asset Management advises 33 private funds.

98.1% of assets ($181.38B across 31,895 accounts) are managed with discretion; $3.61B across 2 accounts are not. $20.64B sits in a wrap fee program the firm both sponsors and manages. 1% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.

What the accounts hold

Separately managed account assets by class, year end
  • Funds4%
    • Pooled vehicles3%
    • Registered funds1%
  • Bonds57%
    • Investment grade corporate bonds33%
    • U.S. government and agency bonds11%
    • High-yield corporate bonds6%
    • State and local bonds5%
    • Sovereign bonds2%
  • Cash22%
  • Other17%
    • Agency and non-agency mortgage-backed securities and preferred securities17%

Custodians

Western Asset Management’s client accounts are held mainly at Bank of New York, with 0% of managed assets. Western Asset Management has custody of $9.66B for 161 clients.

Managed account assets by custodian
  • OtherBank of New York, All other custodians100%

Ownership and leadership

Legg Mason, Inc. owns 75% or more of Western Asset Management.

Who owns the firm
Western Asset Management Company, LLC· the adviser

  • Legg Mason, Inc.

    Control person · since December 1986

    Owns 75% or more of Western Asset Management Company, LLC

Leadership

  • Kim Stout
    Chief Compliance Officer
  • Michael Buchanan
    Director and Chief Investment Officer
  • Connie Fischer
    Director of Portfolio Operations
  • Courtney Hoffmann
    General Counsel and Secretary
  • Jennifer Johnson
    Non-Employee Director
  • Jeffrey Masom
    Head-US Distribution & Global Wealth Management Alternatives
  • Matthew Nicholls
    Non-Employee Director

Staff

  • 137 employees
  • 82 in advisory functions
  • 1 state-registered rep
  • 42 broker-dealer reps
  • 1 soliciting firm

Fees

Western Asset Management is paid through a percentage of assets under management and performance-based fees.

Western Asset Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.

Offices and registrations

Besides its headquarters, Western Asset Management has 1 office, with 2 listed addresses across 2 states.

Listed office addresses by state

California · 1 listed address

  • 385 E. Colorado BLVD., PasadenaHQ

Other business names

Western Asset Management has reported 1 other business name to the SEC.

  • Western Asset Management Company LLC

Registration details

Legal name
Western Asset Management Company, LLC
Headquarters
385 E. Colorado BLVD., Pasadena, CA 91101
Phone
626-844-9400
Website
www.westernasset.com
SEC file
801-8162
Structure
California LLC
Fiscal year end
September

This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov

Common questions

How many clients does Western Asset Management have?

Western Asset Management has 31,897 clients and manages $185 billion for them, as of September 2026. They include 30,187 other individuals, 583 corporations and other businesses and 451 pension and profit-sharing plans.

Source: Form ADV Part 1A, Items 5.D and 5.F, filed 16 September 2026

What services does Western Asset Management offer?

Western Asset Management provides portfolio management for individuals and small businesses, portfolio management for investment companies, portfolio management for pooled vehicles and portfolio management for institutions.

Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file

Which custodians does Western Asset Management use?

Western Asset Management’s separately managed account assets are held at Bank of New York (New York, NY), with $104,365,000. Only custodians holding at least a tenth of those assets are named.

Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 16 September 2026

How many financial advisors does Western Asset Management have?

Western Asset Management has 1 investment adviser representatives registered with state securities authorities, out of 137 employees, and 82 perform investment advisory functions. 42 are registered representatives of a broker-dealer and 0 are licensed insurance agents.

Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file

What does Western Asset Management invest in?

At the end of its last fiscal year, Western Asset Management’s separately managed accounts held 33% investment grade corporate bonds, 22% cash and equivalents, 17% agency and non-agency mortgage-backed securities and preferred securities, 11% U.S. government and agency bonds, 6% high-yield corporate bonds, 5% state and local bonds, 3% pooled vehicles (private funds and similar), 2% sovereign bonds and 1% registered funds (mutual funds, ETFs, BDCs). It advises 33 private funds.

Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file

Who owns Western Asset Management?

Western Asset Management is owned through a holding company by Franklin Templeton, Inc. Its direct owner is Legg Mason, Inc. (75% or more).

Source: Form ADV Part 1A, Schedules A and B, filed 16 September 2026

How does Western Asset Management get paid?

Western Asset Management is paid through a percentage of assets under management and performance-based fees. Its Form ADV lists no commissions among how it is paid.

Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file

Sources

  1. Form ADV Part 1A, amendment filed 16 September 2026. Items 1, 5, 9, 11 and Schedules A, B and D.
  2. IAPD firm record, CRD 110441.

Retrieved 15 October 2026. All are published by the SEC and may have been amended since.

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This profile is compiled from public regulatory filings and is provided for informational purposes only. Niva Wealth is not affiliated with Western Asset Management Company, LLC and makes no representation about the quality of its services. Figures reflect the filing dates shown and may have changed. Ownership percentages are the bands reported to the SEC, not exact figures.