Western Asset Management Company: Manager Rating and Record

Why Western Asset Management Company has four stars

Western Asset runs USD 185 billion of regulatory assets and has been registered with the SEC since 1971. Its Form ADV lists two matters. One concerns Western Asset Management Company itself, brought by the SEC in 2026; the other concerns another company in its group or an individual and counts for less. Both of its rated insurance-dedicated funds have four stars.

The rating looks only at the areas below, which matter to a family holding this manager's funds through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

PPLI.comManager Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

Registration and size

Identity

Legal nameWestern Asset Management Company

SEC registrationRegistered investment adviser, 801-8162 IAPD

CRD number110441

Latest Form ADV16 September 2026 ADV

Registered with the SEC since17 December 1971

Assets and staff, as filed

Regulatory assets under managementUSD 184,988,000,000

Of which discretionaryUSD 181,382,000,000

Employees137

Of which investment advisory staff82

Private funds listed in Schedule D33

Regulatory assets are calculated under the SEC's Form ADV instructions and include all funds and accounts the adviser manages, not only those open to insurers. Figures come from the SEC's adviser files of November 2026.

Regulatory and legal record

What the adviser itself discloses in Item 11 of its Form ADV, summarised from the disclosure pages, with a link to the filing. Item 11 is filed for the adviser as a whole, so under each matter the fund it concerns is read from the disclosure itself.

20265 June 2026

Regulatory action by US Securities and Exchange Commission: civil penalty

Fund concerned: none named in the filing. The matter concerns the adviser itself, not a specific fund, and none of the insurance-dedicated funds in this file is named.

On June 5, 2026, following an offer of settlement, the U.S. Securities and Exchange Commission issued an order instituting administrative and cease-and-desist proceedings, making findings, and imposing remedial sanctions and a cease-and-desist order against registrant (the "order") relating to certain Trade allocations of the registrant's former co-CIO involving U.S. Treasury derivatives from 2021 to 2023 in certain portfolios managed by the registrant. In the order, the SEC found, among other things, that the registrant failed to implement policies and procedures reasonably designed to detect and prevent violations of the Advisers Act and failed reasonably to supervise the former co-CIO. ...

US Securities and Exchange Commission · Decision & Order of Offer of Settlement 5 June 2026 · USD 100.0 million · Concerns the adviser itself · Form ADV, Item 11 disclosure

201827 August 2018

Regulatory action by US Securities and Exchange Commission: cease and desist

Fund concerned: none named in the filing. The matter concerns another company in the group, not a specific fund, and none of the insurance-dedicated funds in this file is named.

On August 27, 2018, the SEC issued an order that found that Legg Mason had violated Section 13(b)(2)(b) of the Securities Exchange Act of 1934 by failing to devise and maintain a System of appropriate Internal accounting controls with respect to the use of introducing Brokers and other intermediaries in emerging Markets, including Libya, and that imposed a cease-and-desist order on Legg Mason with respect to any violations or future violations of Section 13(b)(2)(b). Previously, Legg Mason had submitted an offer of settlement in connection with the matter which the SEC determined to accept. The order resolved a FCPA investigation concerning the activities of Legg Mason's former Permal ...

US Securities and Exchange Commission · Order 27 August 2018 · No monetary sanction reported · Concerns another company in the group · Form ADV, Item 11 disclosure

These are the matters Western Asset Management Company reports in Item 11 of its Form ADV, filed 16 September 2026. A reported matter is a fact disclosed by the adviser, not a finding by PPLI.com. None of them concerns the insurance-dedicated funds listed above.

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Western Asset Management Company

Insurance-dedicated funds managed by Western Asset

Why Western Asset Management Company has four stars

Conduct and regulatory record

Reported controls

Depth and experience of the manager

Registration and size

Identity

Assets and staff, as filed

Regulatory and legal record

Regulatory action by US Securities and Exchange Commission: civil penalty

Regulatory action by US Securities and Exchange Commission: cease and desist

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