LMP Capital and Income (NYSE:SCD)
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From Jul 2019 to Jul 2024
Salomon Brothers Capital and Income Fund Inc. (NYSE:
SCD) announced today that effective July 17, 2006, Robert Gendelman
will be named a portfolio manager of the Fund with portfolio
management responsibility for overseeing the Fund's allocation between
equity and fixed-income securities and the Fund's equity investments
in general. The current portfolio managers of the fixed-income portion
of the Fund will remain unchanged.
Mr. Gendelman recently joined ClearBridge Advisors, a unit of Legg
Mason, Inc., as a portfolio manager and Managing Director. ClearBridge
Advisors is the U.S. equity group created from the former Citigroup
Asset Management, and its advisory services are currently provided by
CAM North America, LLC ("CAM N.A."), Salomon Brothers Asset Management
Inc ("SBAM") and other affiliated advisory entities. Mr. Gendelman
joins the unit from Cobble Creek Partners, LLC, a long-short hedge
fund based in Greenwich, Connecticut, where he was a senior portfolio
manager from 2003 to 2006. Prior to that, he spent 9 years at
Neuberger Berman, where he was a general partner and portfolio
manager. He previously was a general partner at Harpel Advisors, L.P.,
founded and managed Great Lakes Capital L.P. from 1987 to 1993, and
began his career as an analyst focusing on merger arbitrage,
restructurings and special situations.
He succeeds Mark McAllister who was a portfolio manager of the
Fund since its inception in February of 2004. Mr. McAllister will
focus his portfolio management activities on the Salomon Brothers
Investors Value Fund Inc, as well as the firm's other large cap value
products.
Additionally, effective August 1, 2006, Legg Mason Partners Fund
Advisor, LLC ("LMPFA"), an affiliate of the Fund's current investment
adviser, SBAM, will assume management responsibilities for the Fund as
a result of a reorganization of Legg Mason's investment advisory
subsidiaries. Following the purchase of substantially all of
Citigroup's asset management business in December 2005, Legg Mason
undertook an internal reorganization to consolidate the advisory
services provided to the legacy Citigroup funds through a more limited
number of advisers, focusing on the advisers' strengths. As part of
this reorganization, at a meeting held in June 2006, the Board of the
Fund approved a new management agreement with LMPFA, under which LMPFA
will act as the investment adviser for the Fund. LMPFA, with offices
at 100 Light Street, Baltimore, Maryland 21202, is a newly-organized
investment adviser that has been formed to serve as the investment
adviser of the Fund and other Legg Mason-sponsored funds.
The Board approved a new sub-advisory agreement for the Fund
between LMPFA and Western Asset Management Company ("Western Asset").
Western Asset, established in 1971 and having offices at 385 East
Colorado Boulevard, Pasadena, California 91101, acts as investment
adviser to institutional accounts, such as corporate pension plans,
mutual funds and endowment funds. As of March 31, 2006, Western
Asset's total assets under management were approximately $512 billion
(of which approximately $77 billion is managed by Western Asset
Management Ltd.).
The Board also approved a second sub-advisory agreement between
LMPFA and CAM N.A. CAM N.A., with offices at 399 Park Avenue, New
York, New York 10022, is a newly-organized investment adviser that has
been formed to succeed to the equity securities portfolio management
business of Citigroup Asset Management.
LMPFA will provide administrative and certain oversight services
to the Fund. LMPFA will delegate to Western and CAM N.A. the
day-to-day portfolio management of the Fund. Legg Mason expects that
senior management and other key employees will be the same immediately
after the new management and sub-advisory agreements take effect, and
the portfolio managers will have access to the same research and other
resources to support their investment management functions. The
management fee for the Fund will remain unchanged.
LMPFA, CAM N.A. and Western Asset are wholly-owned subsidiaries of
Legg Mason.
Lastly, it is expected that the Fund's name will change in October
2006 to LMP Capital and Income Fund Inc.
Salomon Brothers Capital and Income Fund Inc. is a non-diversified
closed-end investment management company traded on the New York Stock
Exchange under the symbol "SCD."
For more information, call 1-888-777-0102, or consult the Fund's
web site at www.leggmason.com/InvestorServices.
Note: "Smith Barney," "Salomon Brothers" and "Citi" are service
marks of Citigroup, licensed for use by Legg Mason as the names of
funds and investment advisers. Legg Mason and its affiliates, as well
as the fund's investment manager, are not affiliated with Citigroup.