During and after the Morningstar confab, several of the largest mutual fund companies made major announcements about their operations.
Baltimore-based Legg Mason, which acquired the former Smith Barney and Salomon Brothers mutual funds from Citigroup in December 2005, says it is rebranding these funds Legg Mason Partners Funds and merging some. The company, with $879 billion in AUM, plans to decrease the number of open-end funds it manages to 119 from 166.
The Janus Capital Group of Denver will ask shareholders to vote in October on the merger of the $2.2 billion Janus Olympus Fund into the $1 billion Janus Orion Fund. Janus’ board of trustees approved the merger July 5. Janus has some $160 billion in AUM.