Western Asset’s Jablansky Leaves as Structured-Products Head

Paul Jablansky, the head of structured products at fixed-income manager Western Asset Management Co., has left the unit of Legg Mason Inc. (LM)

Jablansky resigned last week from the firm, which oversees about $460 billion, and is still deciding what to do next, he said today in a telephone interview.

He will be replaced on an interim basis by Dennis McNamara in overseeing a team of 10 focused on U.S. home-loan bonds without government backing, commercial-mortgage securities and asset-backed securities, said Mary Athridge, a spokeswoman for Baltimore-based Legg Mason.

“Western is committed to this sector of the market and is currently in discussion with a couple highly qualified candidates,” Athridge said in an e-mailed statement. She said the firm has a “deep and experienced team” that worked with Jablansky.

Jablansky joined Western Asset in 2011 from Royal Bank of Scotland Group Plc, where he was a securitization strategist. He previously was chief investment officer at hedge-fund manager 400 Capital Management LLC, after serving as global head of principal finance at Bank of America Corp. through 2008. Ron Mass, who became co-head of structured products when Jablansky arrived, left in 2012 after 21 years at the firm.

Steve Fulton, who heads Western Asset’s investments in government-backed mortgage securities, “will continue to work closely” with the managers focusing on non-agency debt, Athridge said.

To contact the reporter on this story: Jody Shenn in New York at jshenn@bloomberg.net

To contact the editor responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net

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