LMP Capital and Income Fund Inc. Announces Change in Portfolio Managers

Rhea-AI Summary

LMP Capital and Income Fund Inc. (NYSE: SCD) announced that Patrick McElroy, CFA, will join its portfolio management team on August 1, 2022. McElroy, a director and portfolio manager at ClearBridge Investments, brings 29 years of experience in the investment industry. His appointment follows the anticipated retirement of Mark McAllister, who will step down around December 31, 2022. The Fund, managed by Legg Mason Partners Fund Advisor, LLC, is a non-diversified, closed-end investment company with subadvisers ClearBridge, Western Asset Management Company, and others.

Positive

• Patrick McElroy joins the portfolio management team, bringing extensive experience.
• ClearBridge Investments manages the Fund, ensuring expertise in investment management.

Negative

• Mark McAllister's retirement may create a gap in management continuity.

NEW YORK--(BUSINESS WIRE)-- LMP Capital and Income Fund Inc. (the “Fund”) (NYSE: SCD) announced today that effective August 1, 2022, Patrick McElroy, CFA, will join the portfolio management team of the Fund. The Fund’s investment professionals at ClearBridge Investments, LLC (“ClearBridge”) also include Peter Vanderlee, CFA, Mark McAllister, CFA and Tatiana Eades. It is anticipated that Mr. McAllister will retire and step down as a member of the Fund’s portfolio management team on or about December 31, 2022.

Mr. McElroy is a director and a portfolio manager at ClearBridge. Prior to joining ClearBridge in 2007, Mr. McElroy was a Convertible Securities Research Analyst for Palisade Capital Management, a Convertible Securities and Equities Research Analyst at Jefferies & Co. and a Research Associate for Fixed Income at Standard & Poor’s. Prior to that, he worked in Fixed Income Division Sales at Donaldson, Lufkin and Jenrette Securities. He has 29 years of investment industry experience.

The Fund is a non-diversified, closed-end investment management company. Legg Mason Partners Fund Advisor, LLC (“LMPFA”) is the Fund’s investment manager and ClearBridge, Western Asset Management Company, LLC (“Western Asset”) and Western Asset Management Company Limited (“Western Asset Limited”) are the Fund’s subadvisers. LMPFA, ClearBridge, Western Asset and Western Asset Limited are wholly-owned subsidiaries of Franklin Resources, Inc. (“Franklin Resources”).

Franklin Resources is a global investment management organization with subsidiaries operating as “Franklin Templeton” and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.4 trillion in assets under management as of June 30, 2022. For more information, please visit franklinresources.com and follow us on LinkedIn, Twitter and Facebook.

For more information about the Fund, please call 1-888-777-0102 or consult the Fund’s website at www.franklintempleton.com/investments/options/closed-end-funds. Hard copies of the Funds’ complete audited financial statements are available free of charge upon request.

Category: Fund Announcement

Source: Franklin Resources, Inc.

Source: Legg Mason Closed End Funds

View source version on businesswire.com: https://www.businesswire.com/news/home/20220726005551/en/

Media: Fund Investor Services 1-888-777-0102

Source: Franklin Resources, Inc. and Legg Mason Closed End Funds

FAQ

Who is the new member of the portfolio management team for LMP Capital and Income Fund (SCD)?

Patrick McElroy, CFA, will join the team effective August 1, 2022.

When will Mark McAllister retire from the Fund's management team?

Mark McAllister is expected to retire around December 31, 2022.

What is the role of ClearBridge Investments in LMP Capital and Income Fund (SCD)?

ClearBridge Investments is responsible for managing the Fund's investments.

What type of investment company is LMP Capital and Income Fund (SCD)?

It is a non-diversified, closed-end investment management company.

What is the experience background of Patrick McElroy?

Patrick McElroy has 29 years of experience in the investment industry, having held various analyst and management roles.