Salomon Brothers Capital and Income Fund Inc. Announces New Portfolio Manager and Announces Legg Mason Partners Fund Advisor, L
July 12 2006 - 7:30AM
Business Wire
Salomon Brothers Capital and Income Fund Inc. (NYSE: SCD) announced
today that effective July 17, 2006, Robert Gendelman will be named
a portfolio manager of the Fund with portfolio management
responsibility for overseeing the Fund's allocation between equity
and fixed-income securities and the Fund's equity investments in
general. The current portfolio managers of the fixed-income portion
of the Fund will remain unchanged. Mr. Gendelman recently joined
ClearBridge Advisors, a unit of Legg Mason, Inc., as a portfolio
manager and Managing Director. ClearBridge Advisors is the U.S.
equity group created from the former Citigroup Asset Management,
and its advisory services are currently provided by CAM North
America, LLC ("CAM N.A."), Salomon Brothers Asset Management Inc
("SBAM") and other affiliated advisory entities. Mr. Gendelman
joins the unit from Cobble Creek Partners, LLC, a long-short hedge
fund based in Greenwich, Connecticut, where he was a senior
portfolio manager from 2003 to 2006. Prior to that, he spent 9
years at Neuberger Berman, where he was a general partner and
portfolio manager. He previously was a general partner at Harpel
Advisors, L.P., founded and managed Great Lakes Capital L.P. from
1987 to 1993, and began his career as an analyst focusing on merger
arbitrage, restructurings and special situations. He succeeds Mark
McAllister who was a portfolio manager of the Fund since its
inception in February of 2004. Mr. McAllister will focus his
portfolio management activities on the Salomon Brothers Investors
Value Fund Inc, as well as the firm's other large cap value
products. Additionally, effective August 1, 2006, Legg Mason
Partners Fund Advisor, LLC ("LMPFA"), an affiliate of the Fund's
current investment adviser, SBAM, will assume management
responsibilities for the Fund as a result of a reorganization of
Legg Mason's investment advisory subsidiaries. Following the
purchase of substantially all of Citigroup's asset management
business in December 2005, Legg Mason undertook an internal
reorganization to consolidate the advisory services provided to the
legacy Citigroup funds through a more limited number of advisers,
focusing on the advisers' strengths. As part of this
reorganization, at a meeting held in June 2006, the Board of the
Fund approved a new management agreement with LMPFA, under which
LMPFA will act as the investment adviser for the Fund. LMPFA, with
offices at 100 Light Street, Baltimore, Maryland 21202, is a
newly-organized investment adviser that has been formed to serve as
the investment adviser of the Fund and other Legg Mason-sponsored
funds. The Board approved a new sub-advisory agreement for the Fund
between LMPFA and Western Asset Management Company ("Western
Asset"). Western Asset, established in 1971 and having offices at
385 East Colorado Boulevard, Pasadena, California 91101, acts as
investment adviser to institutional accounts, such as corporate
pension plans, mutual funds and endowment funds. As of March 31,
2006, Western Asset's total assets under management were
approximately $512 billion (of which approximately $77 billion is
managed by Western Asset Management Ltd.). The Board also approved
a second sub-advisory agreement between LMPFA and CAM N.A. CAM
N.A., with offices at 399 Park Avenue, New York, New York 10022, is
a newly-organized investment adviser that has been formed to
succeed to the equity securities portfolio management business of
Citigroup Asset Management. LMPFA will provide administrative and
certain oversight services to the Fund. LMPFA will delegate to
Western and CAM N.A. the day-to-day portfolio management of the
Fund. Legg Mason expects that senior management and other key
employees will be the same immediately after the new management and
sub-advisory agreements take effect, and the portfolio managers
will have access to the same research and other resources to
support their investment management functions. The management fee
for the Fund will remain unchanged. LMPFA, CAM N.A. and Western
Asset are wholly-owned subsidiaries of Legg Mason. Lastly, it is
expected that the Fund's name will change in October 2006 to LMP
Capital and Income Fund Inc. Salomon Brothers Capital and Income
Fund Inc. is a non-diversified closed-end investment management
company traded on the New York Stock Exchange under the symbol
"SCD." For more information, call 1-888-777-0102, or consult the
Fund's web site at www.leggmason.com/InvestorServices. Note: "Smith
Barney," "Salomon Brothers" and "Citi" are service marks of
Citigroup, licensed for use by Legg Mason as the names of funds and
investment advisers. Legg Mason and its affiliates, as well as the
fund's investment manager, are not affiliated with Citigroup.
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