Western Asset Management

ABOUT US
Assets Under Management

As of September 30, 2023

US$369.5 billion
Learn About Our Firm
PERSPECTIVES
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INVESTMENT STRATEGIES
- Strategies
- US Core & Core Plus Strategies
Western Asset offers a full range of fixed-income products that can be tailored to meet the needs of our clients
Learn About Our Strategies
FUNDS
- Mortgage REIT
  - WA Mortgage Capital Corporation
- ETF
  - Western Asset Bond Fund (WABF)
    
    Western Asset Short Duration Income ETF (WINC)
    
    Western Asset Total Return ETF (WBND)
- Closed-End Funds
- Open-End Funds
  - Money Market
    
    WA Government Reserves
    
    WA Institutional Government Reserves
    
    WA Institutional Liquid Reserves
    
    WA Institutional U.S. Treasury Obligations Money Market Fund
    
    WA Institutional U.S. Treasury Reserves
    
    WA Premium U.S. Treasury Reserves
    
    WA Select Tax Free Reserves
    
    WA U.S. Treasury Reserves
  - Taxable
    
    Income
    
    WA Income Fund
    
    Diversified
    
    WA Core Bond Fund
    
    WA Core Plus Bond Fund
    
    WA Intermediate Bond Fund
    
    WA Macro Opportunities Fund
    
    WA Short-Term Bond Fund
    
    WA Total Return Unconstrained Fund
    
    WA Ultra Short Income Fund
    
    Sector Strategies
    
    WA Corporate Bond Fund
    
    WA High-Yield Fund
    
    WA Inflation Indexed Plus Bond Fund
    
    WA Mortgage Total Return Fund
    
    WA Short Duration High Income Fund
  - Tax Exempt
    
    State-Specific Municipal
    
    WA California Municipals Funds
    
    WA Intermediate Maturity California Municipals Fund
    
    WA Intermediate Maturity New York Municipals Fund
    
    WA Massachusetts Municipals Fund
    
    WA New Jersey Municipals Fund
    
    WA New York Municipals Fund
    
    WA Oregon Municipals Fund
    
    WA Pennsylvania Municipals Fund
    
    National Municipal
    
    WA Intermediate-Term Municipals Fund
    
    WA Managed Municipals Fund
    
    WA Municipal High Income Fund
    
    WA Short Duration Municipal Income Fund

October 19, 2023

A Consistent Approach for Insurers

By Roberto Apelfeld, PhD, Eddie Wang, CFA
In this paper, we provide a comprehensive overview of our approach for conducting consistent asset-liability management through scenario analysis, tailored to support the construction of insurance fixed-income portfolios.

March 20, 2023

InsuranceTalks - Incorporation of Sustainability

By Brishni Mukhopadhyay, María Sánchez
Western Asset in collaboration with S&P DJI evaluates sustainable investing considerations specific to the insurance industry and discusses mitigation techniques to avoid claims of "greenwashing."

September 10, 2021

New RBC Factors Adopted for P&C and Health Insurers. Now What?

By Keith Luna, Alex Warren
At the National Association of Insurance Commissioners’ Summer 2021 National Meeting, the Risk-Based Capital working groups for P&C and health insurers both adopted their respective proposals for new bond-level factors.

August 3, 2021

Weekly Municipal Monitor—Upcoming Insurance Regulations to Impact Taxable Munis

By Powell Thurston, Alan Nadel, PhD, Sam Weitzman
The AAA muni yield curve steepened for the third consecutive week, moving 1 bp lower in 5-years and 3 bps higher in 30-years.

January 11, 2021

Emerging Markets as an Extension of US Credit

By Kevin J. Ritter, Mark Hughes
In our recent client travels (virtual, of course!), Western Asset has noted that our insurance investor base is increasingly viewing emerging markets (EM) debt as an attractive opportunity in a post-pandemic, reflationary environment.

January 11, 2021

Lower for Longer—Ideas for Insurers in Today’s Low-Rate Environment

By Powell Thurston, Keith Luna
The year 2020 will long be remembered for the COVID-19 pandemic and extraordinary levels of both geopolitical uncertainty and volatility in markets.

April 23, 2020

COVID-19 and Proposed NAIC Risk-Based Capital Factors

By Alan Nadel, Alex Warren
The current decline in economic activity suggests that there may be a material uptick in corporate issuer downgrades.

December 16, 2019

Our Great Grandchildren Will See These Bonds Mature

By Alex Warren, Alan Nadel, PhD
Are we about to witness a new generation of bond issuance that will take a full century to mature? The concept of a bond that matures in 100 years is challenging for many US investors to comprehend, with perhaps the exception of life insurers.

June 4, 2019

Insurance Assets: The Case for Emerging Markets Debt

By Kevin J. Ritter
Western Asset views high-grade emerging market (EM) debt as a “must have” allocation for insurance assets. As an asset class, EM debt is prone to suffering from the problem of perception.

April 23, 2019

The Western Asset Approach to Customized Client Solutions

By Ahmet E. Kocagil, PhD, Roberto Apelfield, PhD
Western Asset’s approach to building customized client solutions includes robust interaction with clients, thorough risk management processes that leverage our proprietary WISER system as well as continuous and comprehensive analysis.

November 8, 2017

Infrastructure Investment Under Solvency II: Application to US Muni Bond

By Alan M. Nadel, PhD, Thea Okin
Global financial regulation continues to evolve and shape the behavior of investors.

Powell Thurston

Head of Insurance Services

Carl Cohen

Client Service Executive

Paul Schroeder

Client Service Executive

Alex To

Client Service Executive

Insurance Asset Management - Research Materials

A Consistent Approach for Insurers

InsuranceTalks - Incorporation of Sustainability

New RBC Factors Adopted for P&C and Health Insurers. Now What?

Weekly Municipal Monitor—Upcoming Insurance Regulations to Impact Taxable Munis

Emerging Markets as an Extension of US Credit

Lower for Longer—Ideas for Insurers in Today’s Low-Rate Environment

COVID-19 and Proposed NAIC Risk-Based Capital Factors

Our Great Grandchildren Will See These Bonds Mature

Insurance Assets: The Case for Emerging Markets Debt

The Western Asset Approach to Customized Client Solutions

Infrastructure Investment Under Solvency II: Application to US Muni Bond

Our Insurance Team

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