McNulty’s departure is part of review of all areas of the business, with his duties to be taken on by head of European sales and client services Justin Eede.
A statement from the group says: “As part of our review of all areas of the business to align our operating costs with the realities of the marketplace, we have made the decision to implement staff reduction. Based on this the UK sales and client service team will now report directly into Justin Eede, Head of European Sales & Client Service.
“Legg Mason is fully committed to the UK marketplace, and within the last 12 months has launched 2 new funds into the UK ICVC fund range. Legg Mason has plans to continue to expand it’s offering to UK investors.
“Legg Mason continues to not anticipate across-the-board reductions in force, but will examine each part of our operations strategically and any changes made will be consistent with our business requirements.”