Taber leaves Price for Legg Mason Executive's job will be overseeing advisory business

July 10, 1992|By David Conn | David Conn,Staff Writer

When Legg Mason Inc. searched for the right person to head the investment company's burgeoning investment advisory activities, they found their man just down the street.

The Baltimore-based company announced yesterday that its new executive vice president for investment advisory business will be Edward A. Taber III, who resigned yesterday as a managing director at neighbor and competitor T. Rowe Price Associates Inc.

Mr. Taber, 48, who helped T. Rowe Price President George J. Collins build that company's fixed-income division over the past decade, was also head of the taxable-bond division and a director of the company, which he joined in 1973 from his post as treasurer of the Federal Home Loan Bank of Boston.

At Legg Mason, Mr. Taber will oversee all investment advisory and mutual fund activities. That oversight will include subsidiaries Western Asset Management Co. of Los Angeles, an institutional fixed-income manager, and Legg Mason Capital Management of Baltimore, which manages portfolios for individuals and institutions. He also will supervise Legg Mason Fund Adviser Inc., which manages the company's 10 mutual funds.

Legg Mason Chairman Raymond A. "Chip" Mason has made growth of the fee-based advisory activities a cornerstone of the company's future. Revenues from advisory services provide a buffer for a company that otherwise would depend on the more fickle commission-based revenues of securities trading.

Legg's advisory-service revenues accounted for about 15 percent of its 1991 revenues of $243 million, the company said.

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