CORRECTED - Legg Mason picks tech, energy stocks amid slump

(Corrects name of Legg unit to ClearBridge from Clearwing. In last paragraph company name should read Copart instead of Compart)

NEW YORK, June 30 (Reuters) - International stocks and sectors such as technology and energy that do not depend on consumer spending could be bright spots as investors prepare for a slow-growth economy, a group of Legg Mason Inc (LM.N) managers said on Tuesday.

"We're in a zero interest rate world and expected returns of 8 to 9 percent have to be pared back by both individual and institutional investors," said David Lazenby, head of emerging markets for Legg's Batterymarch Financial unit in Boston.

"There's going to be more forced savings and people have to ratchet down their expectations," he said, speaking at Legg's mid-year investment conference in New York.

At the same time, Lazenby said the growth of emerging markets should continue and help the world's economy. For instance, the demand for autos has already recovered to mid-2008 levels in counties such as India and Brazil.

Brian Angerame, a portfolio manager for Legg's ClearBridge Advisors unit, said there are still reasons for optimism, such as healing credit markets, a wash of government stimulus money and repaired consumer balance sheets. But lower consumer spending and rising unemployment will hold back market growth.

"I'm not sure we should expect a lot from the equity markets in the near term," he added.

Two areas that should see some growth include clean energy and companies that draw on government infrastructure spending.

He cited two, Shaw Group Inc SGR.N, which he said is poised to benefit from new nuclear construction projects, and Quanta Services Inc (PWR.N), an electric-grid maintenance company. Both were top holdings of Angerame's Mid Cap Core Fund as of May 31.

Mike Buchanan head of credit for Legg's Western Asset Management division in Pasadena, California, said it is still maintaining his "overweight" position on the banking sector, noting financial stocks are up 50 percent for the year so far.

Reasons to be nervous about the sector include low profits and questionable capitalization. But stronger banks should become stronger as they buy up weaker competitors and he expects less competition from the "shadow banking sector" of hedge funds and private equity that once provided companies the same financing as traditional banks.

"We still think there's some upside here," he said.

Chris Clark, of Legg's small-cap Royce Funds unit, said he has been looking over U.S. industrial stocks, which he said should resume their revival as growth returns.

"Whether it's in steel, industrial or scrap metal, it should continue to see attractive business," he added.

For instance, the second-largest holding of the Royce 100 Fund (ROHKX.O) as of March 31 was Copart Inc (CPRT.O) , the automobile auction company, according to a company report. (Reporting by Ross Kerber; editing by Andre Grenon)