Western Asset Management and The RLJ Companies, LLC Creates New Entity (RLJ Western Assent Management) to Manage PPIP Assets. The holding company owned by Robert L. Johnson “THE RLJ Companies” and fixed income affiliate of Legg Mason, Inc. LM “Western Asset Management” announce today about the formation of a recent minority owned entity which has been chosen as a pre-qualified finance manager in the United States Department of Treasury`s PPIP (Public-Private Investment Program).
The recent Limited Liability Company will be 49% owned by Western Asset and be 51% owned by The RLJ Companies. This new Company will advantage from “profound and wide permanent income knowledge across asset classes and markets around the globe” of Western Asset. The RLJ Companies has important practice of administrating private equity real estate funds (a private equity mid-sized coup fund) and Urban Trust Bank (the fastest rising minority bank in the state).
According to Robert L. Johnson (Chairman of The RLJ Companies), this is a commanding chance to assist in bringing constancy of the mortgage market of United States and to utilize their skills inside The RLJ Companies to do so. It is one of the best example that how Companies can come together to restore the economy of United States in the shape of a minority-owned Company, sharing with Western Asset as described by Robert L. Johnson. He also explained that it will help to reveal the positive variety of partnerships within our country and hope to work with Western Asset (one of the world`s premier fixed income managers) in the future. The CEO of Western Asset James W. Hirschman also happy with this partnership and hope to make it successful.
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