Legg Mason specializes in wealth management and mutual fund management. The financial services firm has several subsidiaries that offer asset management, trust services, and annuities to retail and institutional investors. Managing more than $737 billion in assets across 128 mutual funds under the Legg Mason, Western Asset, and Royce Funds banners, the firm also manages 32 closed-end funds and separately managed accounts. Legg Mason distributes its products through its own offices, retirement plans, and financial intermediaries, as well as through an agreement with Morgan Stanley Smith Barney. The company mostly has offices in North America and the UK, but also has a presence in 18 other countries.