Legg Mason's Shewaram exits

Legg Mason’s absolute return specialist Dipankar Shewaram has left the firm to pursue other opportunities.

Head of global credit Mike Buchanan and global head of derivatives Prashant Chandran will take over the management of Shewaram’s $156m Legg Mason Western Asset Global Credit Absolute Return fund.

Buchanan, working closely with the London-based credit team, will be responsible for the day-to-day oversight of global, UK and European credit portfolios.

The group emphasised there will be no change to the management style on the fund following his departure. The portfolio aims to produce returns through credit alpha generation, credit beta generation and active interest rate management.

“Given Western Asset’s approach to managing portfolios on a team basis, the loss of any single individual will not impact its management style or the implementation of the firm’s investment process,” the group said.