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Article: Legg Mason to ditch Sivs.

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Investment Adviser
Article date:
March 9, 2009
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Byline: Rob Langston

Legg Mason has announced it will be dropping all remaining structured investment vehicles (Sivs) from its money-market funds, releasing approximately $1bn (GBP700m) and fulfilling a pledge to eliminate the vehicles.

The company sold $1.4bn in Sivs held in four of its money market funds and a further $412m held on its balance sheet and in a total return swap deal with a bank.

Mark Fetting, chairman and chief executive at Legg Mason, said the money-market funds now had no exposure to the controversial vehicles.

He added: "We are pleased our business teams were able to resolve this issue and protect our money-market ...

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