Legg Mason’s management has made the decision to begin the process of a managed wind down of trading activities at Esemplia and the return of money to investors.  Given the firm’s small size, we believe this decision best serves both Esemplia’s clients and LM’s shareholders.  Legg Mason remains committed to building our international equity capabilities.  We are looking at a number of ways to do that, including the acquisition of a partner with a strong investment track record who can leverage our global distribution organization, building that capability within our existing scale affiliates or a combination of the two. 

  Total AUM was $500 million.  The wind down should take place over the next couple of quarters. 

We are engaging in an orderly wind down of each of the funds. We are working with clients on each of these and expect that in most cases, we will return money to investors unless they would like to put the money in a different product.