This morning's call will include remarks from the following speakers: Mr. Mark Fetting, Chairman and CEO and Mr. Pete Nachtwey, Legg Mason CFO, who will discuss our financial results. In addition, following the review of the company's quarter, we will then open the call to Q&A. Now I would like to turn this call over to Mr. Mark Fetting. Mark?
Mark Raymond Fetting
Thank you, Alan. And I would like to welcome everyone to the Legg Mason fiscal fourth quarter and year-end 2012 earnings call. Over the last fiscal year, we completed our streamlining initiatives and our full focus now is on growing our franchise. We believe that we have positioned the firm well across a number of categories to deliver investment solutions to our clients even with the near-term headwind of choppy markets.
Organic growth opportunities include strong positions in fixed income. With investment teams on the ground in most major investment centers, Western Asset can offer virtually any fixed-income solution in almost any currency. And Brandywine Global has strong traction in its global bond capability. Permal's macro strategies have significant appeal for investors in these markets, and we are working with them on opportunistic funds to capitalize on market volatility. Going forward, Permal see significant opportunity in China, sovereign wealth funds, U.S. and non-U.S. institutions and high net worth investors in the U.S. On the equity side, we continue to see opportunity in specific categories such as ClearBridge's income solutions products and MLP offerings as well as opportunities to expand Royce's presence with investors outside the U.S. We also actively looking at bolt-on and lift-out acquisitions to fill in product gaps. As markets around the world continue to work through structural issues, we recognize that it may take time for investor sentiment to get in line with the investment opportunities our managers see. But we believe we are well-positioned for the long term. And in the short term, we're well diversified and situated to withstand continued global financial challenges.