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December 30, 2013
In his letter to the editor ( "City water needs a new business plan," Dec. 26), Pete Sepp of the National Taxpayers Union identifies better asset management as a way for Baltimore to better manage its water system and save money. The Asset Management Division in the Bureau of Water and Wastewater is already helping Baltimore water customers get the most from their investment. This division considers the condition of our pipes, as well as the impacts of a possible infrastructure failure on neighborhoods, critical users, and the environment, in selecting how to best use our resources.
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BUSINESS
By Natalie Sherman and The Baltimore Sun | September 12, 2014
Maryland-based EMG merged this month with an Arizona firm, a move that adds project management services to the Hunt Valley engineering, environmental and capital planning company's capabilities. The deal with Arizona-based Quality Project Management also expands EMG's geographic reach. Together the companies have about 450 employees in 37 states, of which about 350 were part of EMG prior to the merger. "The transaction's synergies enable us to serve our clients at every stage of the real estate lifecycle, from the acquisition of portfolios and asset management to planned capital improvements and the disposition of properties," EMG CEO Claude N. Limoges said.
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BUSINESS
By Timothy J. Mullaney and Timothy J. Mullaney,Staff Writer | July 28, 1993
Legg Mason Inc. Chairman Raymond A. Mason told shareholders yesterday that the company remains determined to boost its presence in money management businesses that are less cyclical than its core stock brokerage business, but even the core business is likely to add an average of five to six new offices a year.The Baltimore-based brokerage firm had a quick, event-free annual meeting at the Stouffer Harborplace Hotel, as Mr. Mason and five colleagues were re-elected to the board of directors.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 4, 2014
Legg Mason Inc. has agreed to acquire QS Investors, a New York-based investment firm with $4.1 billion in assets under management and nearly $100 billion in assets under advisory. Financial terms of the deal, announced Tuesday, were not disclosed. The Baltimore-based money management firm said it plans to integrate its Batterymarch Financial Management and Legg Mason Global Asset Allocation divisions over time into QS Investors. The deal, Legg CEO Joseph A. Sullivan said on a conference call with analysts, "is entirely in keeping with what I have said many times, namely that we intend to have fewer and larger affiliates to brand and to market.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | November 11, 1997
Raymond A. "Chip" Mason, chairman of Legg Mason Inc., said yesterday that the Baltimore-based brokerage firm is in negotiations to acquire Brandywine Asset Management Inc., a privately held investment management firm with about $7 billion in assets under management.Mason said yesterday that the companies are "shooting for mid-next week to have this finalized." He declined to reveal specifics of the deal, including the price.In a joint press release with Legg Mason, Brandywine's founder and chairman, W. Anthony Hitschler, confirmed that the two companies are in discussions.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 22, 2004
Legg Mason Inc. shares rose 11 percent yesterday after the Baltimore-based asset management company reported a 38 percent increase in second-quarter profit. While many of its competitors have struggled with the lackluster stock market, Legg made $91.7 million in its fiscal second quarter, which ended Sept. 30, compared with $66.6 million a year earlier. Revenue was up 24 percent to $568 million, propelled by gains in fees from its investment advisory business. Diluted earnings per share rose 30.6 percent to 81 cents in the quarter - the highest in the company's history - compared with 62 cents in the second quarter in 2003.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | December 16, 2004
Legg Mason Inc. plans to offer 4 million shares to the public to raise more than $300 million for potential acquisitions and other corporate uses, possibly including expansion in Asian markets. The Baltimore-based company, which is the world's 43rd-largest asset manager with about $311 billion under management, said the price of the offering is expected to be set this week. Underwriters will have an opportunity to buy 600,000 shares of Legg's stock. Company officials said yesterday that they could not elaborate on the announcement because of the pending offering.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 28, 1999
Raymond A. "Chip" Mason, chairman and chief executive of Legg Mason Inc., raised the performance bar for the brokerage and money management firm yesterday.He told shareholders at the company's annual meeting that the priority is to become among the nation's top 25 asset managers, and among the top 50 in the world.The company was 46th in the United States last year, and ranked about 100 globally, the company said."Our opportunity to grow from here is pretty strong," Mason told about 100 shareholders and employees at the meeting, which was held at the Center Club downtown.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | November 16, 2004
In a move to further build its wealth management business, Baltimore-based Legg Mason Inc. said yesterday that it will buy from Deutsche Bank AG four Scudder Private Investment Counsel offices with $5.8 billion in assets under management. Under the terms of the agreement, Legg Mason, an asset management company, will pay $55 million at closing and up to an additional $26.3 million after one year, based on the revenues of the acquired business at that time. "We like this business," said Mark R. Fetting, president of Legg Mason Asset Management.
NEWS
By Paul Adams and Paul Adams,SUN STAFF | June 3, 2005
At first glance, a potential deal to swap Legg Mason Inc.'s 1,540 brokers for Citigroup Inc.'s low-rated mutual fund business would seem to conflict with the Baltimore financial firm's historic practice of buying small, high-performing fund managers and letting them operate autonomously. But analysts say the proposed deal makes sense because it would get the asset management firm out of the brokerage business - a relationship that has attracted greater scrutiny from regulators - and open more opportunities to distribute the company's funds through other brokerage companies.
NEWS
December 30, 2013
In his letter to the editor ( "City water needs a new business plan," Dec. 26), Pete Sepp of the National Taxpayers Union identifies better asset management as a way for Baltimore to better manage its water system and save money. The Asset Management Division in the Bureau of Water and Wastewater is already helping Baltimore water customers get the most from their investment. This division considers the condition of our pipes, as well as the impacts of a possible infrastructure failure on neighborhoods, critical users, and the environment, in selecting how to best use our resources.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 27, 2013
Brown Advisory in Fells Point turned 20 this year. The firm now manages about $42 billion in assets and recently expanded its business in the United Kingdom. CEO Michael Hankin reflected on the firm's founding and its growth, as well as his efforts to clean up the Inner Harbor waters. Brown Advisory opened a London office in 2008, largely serving institutional clients. You've recently expanded your business, focusing on expatriates in the United Kingdom. Can you elaborate on what you're doing there and why this new focus?
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 24, 2013
T. Rowe Price Group reported a 20 percent increase in earnings for the second quarter Wednesday, but a decline in assets under management when investors withdrew money contributed to a sharp sell-off of the company's stock. The Baltimore-based money manager said it earned $247.8 million in the April-to-June quarter, about 20 percent higher than the $206.8 million it earned a year ago. On a per-share basis, Price earned 92 cents for the quarter, three cents less than analysts expected, but more than its 79 cents profit a year earlier.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 24, 2012
Buoyed by rising assets under management and market gains, T. Rowe Price Group reported Wednesday that it earned $247.3 million, or 94 cents per share, for the third quarter. Revenue reached $769.7 million for the three months ending Sept. 30. A year earlier, the Baltimore-based investment company earned $185.5 million, or 71 cents per share, on revenue of $679.4 million. The third-quarter results included a one-time gain of $31.2 million, accounting for 7 cents per share, from the sale of securities from a number of funds, said James A. C. Kennedy, president and CEO. That gain was re-invested in some of Price's European portfolios to beef up their assets and attract institutional shareholders, he said.
BUSINESS
By Hanah Cho, The Baltimore Sun | October 25, 2011
Baltimore money manager T. Rowe Price reported on Tuesday a nearly 10 percent increase in third-quarter profit, but clients withdrew more money than they put into mutual funds and other investments for the first time in nearly three years. Price missed Wall Street expectations by three cents, prompting shares to lose $4.91, or 8.8 percent. The stock closed Tuesday at $51.08. Net income for the three months ended Sept. 30 was $185.5 million, compared with $169.1 million in the corresponding period last year.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 26, 2011
T. Rowe Price Group, the Baltimore-based mutual fund and investment advisory company, reported Tuesday a profit of $204.7 million for the second quarter, a 29 percent increase over the corresponding period a year ago. On a per-share basis, Price earned 76 cents, up from 59 cents a year earlier. The quarterly earnings are a penny off analysts' expectation of 77 cents per share, according to Bloomberg. Revenue for the quarter reached $713.7 million, up from $577.4 million for the second quarter a year ago. The company said that despite "choppy markets," money coming in from new clients pushed Price's assets under management to a record high.
BUSINESS
By William Patalon III and William Patalon III,SUN STAFF | October 24, 2002
Legg Mason Inc. reported yesterday a 49 percent jump in its fiscal second-quarter earnings, overcoming a horrid stock market and underscoring that its transformation from regional brokerage house to national asset manager is starting to pay dividends. "This is exactly what we tried to do," Raymond A. "Chip" Mason, Legg Mason's chairman and chief executive officer, said in an interview. "We've been working on this for years. And I really believe that this is what the financial services company of the future will have to look like."
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 25, 2001
Although Legg Mason Inc.'s performance over the past decade has been most impressive, Raymond A. "Chip" Mason, its chairman and chief executive, said yesterday that the company is stronger and better poised for growth than it has ever been. "We are positioned to go into the next three to five years probably better than we have ever been positioned," Mason told shareholders yesterday at the company's annual meeting at the Center Club downtown. "There is no one who has the breadth of asset management that we have got."
BUSINESS
By Hanah Cho, The Baltimore Sun | February 8, 2011
Former top Legg Mason executive Peter L. Bain was appointed Tuesday as president and chief executive of Boston-based Old Mutual Asset Management. Bain left Legg in 2009, having served as senior executive vice president in charge of affiliate management and corporate strategy. He joined Legg in 2000. Bain will relocate to Boston from Baltimore and assume his new position on Feb. 22. Old Mutual is selling its Baltimore-based life insurance operation to a private equity firm for $350 million.
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