Legg Mason Inc. to incur about $20 million in costs over six months

Costs related to reorganizing operations

September 11, 2013|By Eileen Ambrose, The Baltimore Sun

Baltimore-based money manager Legg Mason Inc. will incur charges of $10 million in each of the last two quarters of this year for paying severance and other expenses related to streamlining its business, according to a Wednesday filing with the Securities and Exchange Commission.

These include shutting down its London-based emerging markets boutique, Esemplia Emerging Markets, as well as reducing the size of a sales office in Canada, said spokeswoman Mary Athridge.

These moves are expected to save Legg about $2.5 million per quarter, starting next year, the company said.

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