This excerpt taken from the LM 10-K filed May 29, 2009.
Our International division includes the separate account management operations of our asset managers that are based outside the United States, our non-U.S.-domiciled fund operations and our international distribution operations. The asset managers in this division provide a wide range of separate account investment management services primarily to institutional clients and provide asset management services to the funds that we sponsor. This division also contains our funds-of-hedge funds business, which sponsors and manages funds that invest in numerous hedge funds. In addition, this division sponsors proprietary equity, fixed income, liquidity and balanced funds that are domiciled and distributed in countries around the globe. For the fiscal years ended March 31, 2009, 2008 and 2007, this division generated revenues of $1.1 billion, $1.4 billion and $1.2 billion, respectively.
As of March 31, 2009 and 2008, our International division managed assets with a value of $185.9 billion and $278.9 billion, respectively. Approximately 84% of the assets managed by this division as of March 31, 2009 were in fixed income or liquidity accounts managed by Western Asset and approximately 10% were in funds-of-hedge funds managed by Permal.