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Legg Mason Partners Veterans Moving Around and Moving On

Plus, Hussman shareholders get a big break, and more.

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On Wednesday afternoon, ClearBridge Advisors, an affiliate of  Legg Mason (LM) that was formed in 2006 after the firm's acquisition of Citigroup Asset Management, announced some Legg Mason Partners funds' manager changes and a fund merger. The changes are big, but at least they will take place gradually.

Alan Blake, lead manager of  Legg Mason Partners Large Cap Growth (SBLGX) since 1997, will retire at the end of October 2009. Peter Bourbeau, who was recently named a comanager of the fund after spending six years with the team, will take over. Scott Glasser, who has been a comanager (with Harry "Hersh" Cohen) on  Legg Mason Partners Appreciation (SHAPX) since 1995, will join Bourbeau at Large Cap Growth while continuing to work on Appreciation.

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Ryan Leggio has a position in the following securities mentioned above: HSTRX. Find out about Morningstar’s editorial policies.