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Western Asset Managed Municipals IS SSMMX Fund Analysis

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Management Swap at Western Asset Managed Municipals; Ratings Unchanged

null Elizabeth Foos

Elizabeth Foos

Analyst Note

Western Asset named two comanagers to Western Asset Managed Municipals on March 1, 2024: portfolio manager and head of investment-grade credit Ryan Brist and new co-CIO Michael Buchanan. At the same time, Western removed longtime comanager and current co-CIO Ken Leech from the fund. Longtime portfolio managers David Fare, John Mooney, and Robert Amodeo remain on the strategy. These changes don't impact the day-to-day management of the fund or its Above Average People and Process ratings. Western Asset named Buchanan as co-CIO alongside Ken Leech on Sept. 1, 2023. While there are no indications that Leech has imminent plans to retire, we view this as part of prudent succession planning rather than a significant shift in investment responsibilities. Buchanan, who had been the firm's deputy CIO since 2015, remains Western's head of global credit.

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