FYI: Legg Mason Inc., the Baltimore-based investment management company, plans to close a quarter of its ETFs next month.
The firm is shutting three funds that focus on the U.S., emerging markets and developed markets outside the U.S. following a review of its product lineup “to ensure it is relevant to investor demand,” the company said in a statement. Together the funds manage $28 million, just 3 percent of assets in Legg Mason’s 12 ETFs, and a fraction of the firm’s $727 billion.
The ETFs are also closing just weeks after reaching their three-year anniversary, the first point at which some institutional investors and brokerage platforms will consider a new fund. Legg Mason’s decision to close these products suggests it’s becoming increasingly hard for even large asset managers to support slow-going funds in their quest to make it big in the $3.7 trillion U.S. ETF industry.
Regards,
Ted
https://www.bloomberg.com/news/articles/2019-02-07/legg-mason-to-shutter-25-of-its-etfs-after-reviewing-lineup?srnd=etfs
