Western Asset seeks license to sell to Japan financials

Western Asset sub-advises JapanÆs biggest mutual fund, the Kokusai Global Sovereign Open Fund. But since acquiring this business as part of the 2006 Legg Mason acquisition of Citigroup Asset Management, the California-based fixed-income house is now looking at how to become an equally dominant player in JapanÆs institutional market.Western, which is one of several independent asset-management companies within the Legg Mason group, now runs the $55 billion global bond fund, which accou…