Capital Management

The Small Business Administration has seized one of two funds managed by Baltimore-based venture capital firm Anthem Capital Management LLC after losses and a lackluster investment environment appeared to put the SBA's remaining $20 million investment at risk, the federal agency said yesterday. The SBA took over the 10-year-old fund, Anthem Capital LP, last month after obtaining a federal court order naming it as receiver. Anthem Capital Management was not affected by the order and remains in operation, company officials said.

Ernest "Ernie" C. Kiehne, a Baltimore native who spent more than 40 years with Legg Mason Inc. and once co-managed its flagship Value Trust Fund, died Friday in his sleep, the company said. He was 92. Mr. Kiehne continued to work at Legg at least four days a week, researching companies and studying the stock market. He contributed his insights on the economy and world events at weekly investment strategy meetings at Legg Mason Capital Management and served as a mentor to younger colleagues, according to Legg executives.

Legg Mason Inc. is looking to sublease 78,000 square feet on three floors at its headquarters in Harbor East. The Baltimore-based investment management firm is consolidating its space, partly due to the recently announced merger of Legg Mason Capital Management into a larger Legg affiliate, ClearBridge Investments in New York, said spokeswoman Mary Athridge. Legg leases 372,000 square feet in the building. Since 2009, Legg has subleased 82,000 square feet of that to Johns Hopkins Carey Business School and McGladrey, a tax consultant, Athridge said.

Micros Systems Inc., a maker of software for the hospitality and retail industries, jumped its most in 18 months Tuesday after ValueAct Capital Management disclosed a stake in the company. ValueAct acquired 5.9 million shares, or a 7.5 percent stake, in Columbia-based Micros, according to a regulatory filing Tuesday. Micros Systems increased 7.6 percent to $45.87 at the close in New York for its biggest one-day gain since Aug. 26, 2011. The shares had declined 21 percent in the past year through Monday compared with a 5 percent advance for the Standard & Poor's Midcap Information Technology Index.

Legg Mason Inc.'s new CEO, Joseph A. Sullivan, announced Tuesday a shake-up of his executive team and the exit of some top officials, including one who had been in the running for chief executive. Sullivan, a Legg insider who was named CEO and president in February, had been serving as interim chief executive after Mark R. Fetting stepped down in October. The Baltimore-based money manager in recent years has suffered from poor performance among some of its mutual funds as well as an outflow of investor dollars.

Catonsville retiree Jim Daly considered it galling to have to shell out a combined $2,800 for six "personal seat licenses" for the right to buy Ravens season tickets before the team moved to its new stadium in 1998. "I thought it was a total rip-off," said the devout fan, whose truck is painted Ravens purple. But Daly shifted his position after he sold the seat licenses recently, turning his investment into $13,000 - a 464 percent profit. Daly joined many other fans who are making money on their initial football investments.

LITTLE ROCK, Ark. -- For months, a special prosecutor has worked with little public display on a variety of questions involving the Whitewater case. But today, one aspect of that investigation will assume a more visible role as the prosecutor, Robert B. Fiske Jr., and his team of lawyers conduct their first trial.The case involves two men accused of conspiring to defraud the Small Business Administration.Whether this otherwise garden-variety trial involving defendants peripheral to the overall Whitewater investigation will disclose any new details of the operations of the Whitewater Development Co. depends on the possible testimony of David Hale, a former municipal judge cooperating as part of a plea agreement.

The Dow Jones average of blue-chip stocks rallied to its highest level in more than a year Monday after Group of 20 finance ministers and central bankers reassured investors this weekend that they would continue working to prop up world economies and keep interest rates low. The Dow rose 203.52 points, or 2 percent, to 10,226.94, which was its highest close in 13 months. Overall, five stocks rose for every one that fell on the New York Stock Exchange. Jim Paulsen, chief investment strategist at Wells Capital Management in Minneapolis, attributed the rally to recent better-than-expected economic reports, including companies beating profit expectations.

WASHINGTON -- Dawson-Samberg Capital Management Inc. and Pequot General Partners have cut their joint stake in Fusion Systems Corp. to 6.94 percent of the company's outstanding common shares.The investment adviser and the limited partnership, both led by Jonathan Dawson and Arthur Samberg, sold 77,000 shares at $34.43 to $34.61 a share on May 25, according to a Schedule 13D filed Monday with the Securities and Exchange Commission.The investment group, which also includes other affiliates, now collectively holds 529,400 shares in the Rockville-based Fusion Systems.

Legg Mason's famed stock picker Bill Miller will officially hand over the day-to-day management of the well-known Legg Mason Capital Management Value Trust fund to his successor, Sam Peters, on April 30, the Baltimore money manager announced Thursday. The announcement comes after Peters was named more than a year ago as successor to Miller, who has managed the Value Trust fund for almost three decades. Miller will also relinquish his role as chief investment officer of Legg Mason Capital Management to Peters.