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Brandywine Global Names Chen Zhao as Co-Director of Global Macro Research

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Brandywine Global Investment Management, LLC (“Brandywine Global”) today announced that Chen Zhao will join the firm as the Co-Director of Global Macro Research as of January 1, 2015, and will serve alongside his former colleague, Francis Scotland. Messrs. Chen and Scotland will work together to develop the firm’s proprietary macro research.

Scotland said of reuniting with his former colleague, “Chen is a rock star in the global macro space, well known for his sometimes provocative, but always practical and bottom line, views on the economy and markets. He is really going to both solidify and enhance the contribution of our macro research effort to the firm’s investment process.”

Co-Lead Portfolio Manager, David Hoffman, said of Chen, “We are thrilled Chen Zhao will join Francis Scotland on our Global Macro Research team. He is one of the best minds in the business and someone our senior team has known for close to 20 years. As macro-driven investors, Chen will be a huge addition to both our traditional Global Fixed Income strategies, as well as to our Global Macro strategy in the alternatives space. He is brilliant and opinionated, which will contribute to the dialectic necessary to analyze the ever-changing macro landscape.”

Steve Smith, another Co-Lead Portfolio Manager, also expressed enthusiasm over Chen’s arrival by stating, “We are excited to incorporate Chen’s experience and insights into our investment process. Over the past two decades, I’ve had fascinating conversations with Chen, all of which have affirmed to me that he will be a natural fit on our team, given his like-minded philosophy for generating uncommon performance in global bond and currency investing. His contributions will further cement our team’s ability to seek mean-reversion opportunities for our clients. I have no doubt Chen will hit the ground running by generating new ideas, as well as challenging our worldviews.”

Chen was a Chief Global Strategist at BCA Research Group, one of the world’s leading independent research and investment strategy firms. With BCA, Chen was responsible for leading the firm’s global investment strategy and was also responsible for launching the China Investment and Emerging Markets strategies during his tenure. Prior to BCA, he was a professor at Beijing’s Central University of Finance and Economics and also served as a Senior Advisor to several government organizations in the People’s Republic of China. Chen holds an M.A. in Economics from the Central Institute of Finance and Banking in Beijing and pursued postgraduate studies at McGill University.

About Brandywine Global

Brandywine Global Investment Management, LLC (“Brandywine Global”), offers a broad array of fixed income, equity, alternatives, and asset allocation strategies that seek value across global markets. Founded in 1986 by a group of highly experienced portfolio managers, the firm has been a wholly owned affiliate of Legg Mason, Inc. since 1998 but operates independently. The firm is headquartered in Philadelphia with office locations in San Francisco, Montreal1, Toronto1, Singapore2, and London3. Brandywine Global pursues one investment approach: value investing. Through practical experience, we have determined that value-style investing – whether in equity or fixed income markets, in the US or internationally – can provide solid risk-adjusted returns over full investment cycles, and it is a particularly important strategy in today’s global markets.

For more information on Brandywine Global investments, call your financial advisor or visit

Legg Mason, Inc. is a global asset management firm with assets under management of $711 billion as of August 31, 2014. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, MD and its common stock is listed on the New York Stock Exchange (symbol: LM).

(c) 2014 Legg Mason Investor Services, LLC, member FINRA, SIPC. Brandywine Global Investment Management, LLC and Legg Mason Investor Services, LLC, are subsidiaries of Legg Mason, Inc.TN14-086

1 Brandywine Global Investment Management (Canada), ULC
2 Brandywine Global Investment Management (Asia) Pte. Ltd
3 Brandywine Global Investment Management (Europe) Limited is authorized and regulated by the Financial Conduct Authority (the “FCA”). (FRN 472774). Registered in England and Wales, No. 06324517

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