Legg

On November 4, 2003, CHRISTOPHER D. LEGG; beloved son of Catherine Behrent-Legg and Robert David Legg; loving brother of R. Cameron Legg; loving grandson of Dorothy and Bob Legg of San Diego, CA; dear nephew of Curtis Behrent of Paris, France, Mary Beth Behrent of Paris, France, Jacqueline and Tim Schlather of Houston, TX; loving cousin of Megan, Michael and Matthew Behrent of New York, NY and Andie Schlather of Houston, TX; loving god-son of Tamara and...

Legg Mason Inc. has lost two key employees of its Legg Mason Capital Management, including portfolio manager Mary Chris Gay. Gay, manager of an overseas version of the subsidiary's well-known Value Trust fund, and Randy Befumo, head of research at Legg Mason Capital Management, left May 15 and are "pursuing other opportunities," said spokeswoman Mary Athridge. Sam Peters, manager of the Value Trust fund in the United States, last week replaced Gay as manager of the Value Fund that is modeled after the Value Trust.

On September 22, 2004, TINA L. LEGG; devoted mother of Sandra Edwards and her husband William; dear grandmother of Tina Allio, Connie Edwards, William Edwards, III, Eden Allio, Evonna Allio and Cyle Allio; great-grandmother of Cheyenne Doran and Dylan Smith; sister of Frank Spence, Lorraine Hogg, June Benedict, Douglas Spence and Regina Spence. Friends may call at the family owned Bruzdzinski Funeral Home, P.A., 1407 Old Eastern Avenue, Essex, at Rt 702 (beltway exit 36), on Friday from 3 to 5 and 7 to 9 P.M. A private cremation will follow.

Legg Mason Inc.'s compensation committee awarded CEO Joseph A. Sullivan options to purchase a half million shares of the company stock at $31.46 per share, the Baltimore-based money manager announced in a regulatory filing. The company said the options recognize Sullivan's promotion to CEO in February and are designed to be an incentive to build Legg's business. The options vest in 25 percent parcels. The first quarter will vest in May 2015, meaning Sullivan can purchase them after that date.

Christopher D. Legg, an actor who appeared in Homicide: Life on the Street and Liberty Heights, was killed Tuesday in an automobile accident on the entrance ramp to Interstate 695 at Greenspring Avenue. He was 24 and lived in Lutherville. Mr. Legg was born in Houston and later moved to Bolton Hill and Timonium. He was a 1998 graduate of the Carver Center for the Arts and Technology in Towson, where he had studied acting. Earlier, he had studied at Theater Under the Stars Musical Theater Workshop in Houston and at the Baltimore City School for the Arts.

Two proxy advisory firms are recommending Legg Mason shareholders withhold votes for three directors who sit on the compensation committee because it awarded bonuses to top executives even though the Baltimore money managers reported a net loss for the fiscal year ended March 31. RiskMetrics Group and Glass Lewis & Co., which provide guidance on proxy proposals and corporate governance issues, said shareholders should hold back votes for John...

Baltimore money manager Legg Mason's stock rose 11 percent Wednesday after a British newspaper reported that billionaire activist investor Nelson Peltz has acquired 9 percent of the company and may push for a sale or breakup. Shares gained $2.44 to close at $24.48. The stock has lost 66 percent of its value since January last year. The Daily Telegraph, citing "well-placed" but unidentified "market players," said Peltz wants to build his stake up to 20 percent and plans to persuade management to give him a couple of board seats, so that he could eventually push for Legg's sale or breakup.

Legg Mason Inc. said yesterday that it expects to take a $142 million charge this quarter to protect investors who own shares of its money market funds containing some mortgage-backed debt, as the Baltimore company struggles with more fallout from the troubled credit market. The money manager said the move will result in a 41-cent hit to earnings per share in the fiscal fourth quarter that ends March 31. The noncash charge represents unrealized losses in the structured investment vehicles, which issue debt -- some backed by mortgage-backed securities -- that have lost value amid the widening credit crisis.

Considering its recent struggles and slumping stock, Legg Mason Inc. has reduced the pay of its Chief Executive Officer Mark Fetting and founder Raymond A. "Chip" Mason. Fetting's compensation package totaled $4.7 million in salary, bonus, stock awards and perks in the fiscal year that ended March 31, according to a proxy filed yesterday with the Securities and Exchange Commission. Fetting's package was worth $5 million a year ago. Fetting, previously a senior executive vice president, became CEO in January.

Judith Sala Legg, a trustee of Garrison Forest School whose struggle against breast cancer inspired a support group of more than 700 friends and strangers, died of the disease Saturday at her Owings Mills home. She was 52. Mrs. Legg's support group -- The Fireflies -- produced newsletters, bumper stickers and tote bags during her 6 1/2-year struggle against cancer and was sparked by "her amazing sense of optimism, courage and strength," said her longtime friend, Toni Vreeland of Owings Mills.

Legg Mason Inc. reported Tuesday that it earned $29.2 million in its fourth quarter, down about 62 percent from a year earlier due to added real estate expenses. The Baltimore-based money manager's results still beat analysts' expectations, and its stock ended the day up 48 cents at $31.86 per share. On a per-share basis, Legg earned 23 cents, exceeding analysts' expectations by 3 cents per share for the three months ended March 31. A year earlier, Legg earned $76.1 million, or 54 cents per share.

Legg Mason Inc. on Tuesday announced a quarterly divided of 13 cents per share, an 18 percent increase. The Baltimore-based money manager said the dividend will be paid on July 8 for those who are shareholders as of June 11. Text BUSINESS to 70701 to get Baltimore Sun Business text alerts

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.

When it comes to generating income from investments, Americans' expectations for returns are significantly higher than what they are actually earning, according to a survey released this morning by Legg Mason Inc. “Our survey is telling us that income-oriented investors in the U.S. are coming up well short of their goals - almost 3 percent short - and that number could be significant especially for retired investors who need to live on the income their...

Legg Mason Inc.'s stock, which has struggled to recover from the financial crisis, hit a new 52-week high last week. It could be a harbinger of a turnaround at the Baltimore-based money manager. Or Legg shares simply may be riding the recent record-setting rally in the stock market. Legg's stock closed Thursday at a yearly high of $32.13 per share — territory the stock hasn't traded in since July 2011. The stock retreated slightly Friday, closing down 18 cents at $31.95, but even so, its shares are up 24 percent this year.

Legg Mason Inc. said Wednesday that it completed the acquisition of Fauchier Partners, a European money manager acquired from BNP Paribas Investment Partners. Legg Mason Inc. said Wednesday that it completed the acquisition of Fauchier Partners, a European money manager acquired from BNP Paribas Investment Partners. The Baltimore-based money manager paid $80 million for Fauchier plus agreed to pay as much as $56 million more over the next few years if financial targets are reached.

Raymond "Chip" Mason is a big-time executive, big enough to land on a recent cover of Forbes. But can the guy pick a necktie? The photographer who shot Mason's picture for the magazine wasn't betting on it. So the day before the shoot, photographer Bill Cramer picked one up at Strawbridge & Clothier's. Mason showed up in a red tie with little yellow and blue dots. Perfectly nice, but it didn't do a thing for the photographer's gray backdrop. Mason agreed to wear the silver-and-steel-blue number Cramer brought along, even though he wasn't crazy about it. "He hated Bill's backup tie, but was a sport and agreed to wear it anyway," says Neil Binkley, marketing manager for the photographer.

Legg Mason Wood Walker Inc. said yesterday that it has formed a new technology research group headed by William R. Loomis.The Baltimore-based brokerage and money management firm said it created the group because it is expanding its coverage of rapidly growing technology companies in the Baltimore-Washington region."

Legg Mason Inc. might eliminate some of its less popular investment funds and some of its 32 offices as it continues to look at ways to operate more efficiently, the chief financial officer of the Baltimore-based money manager said Tuesday. CFO Pete Nachtwey comments about cost-cutting came in response to a question at a Citigroup financial conference in Boston. He said Legg now has more than 400 funds, and many of them haven't attracted sufficient assets. Those might be merged into other Legg funds or the money returned to investors in a move that also will "decrease the complexity of our fund complex," Nachtwey said.

Raymond "Chip" Mason first met Joseph A. Sullivan over dinner at a Chicago restaurant, where the founder of Legg Mason Inc. interviewed the young bond trading manager for a job with the Baltimore company. A lot of the conversation, Mason recalled, was about whether Sullivan and his family were prepared to uproot themselves and move to the Charm City. Mason had seen such moves not work out before. "He admitted it would not be simple," said Mason, who retired after nearly 40 years at Legg's helm and now spends much of his time in Naples, Fla. But "he thought he could do more with us than anyone else.