Advertisement
HomeCollectionsLegg
IN THE NEWS

Legg

FEATURED ARTICLES
NEWS
November 7, 2003
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...
ARTICLES BY DATE
BUSINESS
By Michael Bodley, The Baltimore Sun | July 31, 2014
Legg Mason Inc. reported Thursday its quarterly profit grew 51 percent, thanks to a strategy that has diversified the money manager's investment portfolio. The Baltimore-based company said it earned $72.2 million, or 61 cents per share, in the three months ended June 30, compared with $47.8 million, or 38 cents per share, a year earlier. Revenue for the quarter rose 4 percent to $693.9 million. While Legg Mason announced in May it had reversed a six-year outflow of client money, the recent quarter brought a net outflow of $8.2 billion, nearly all from liquid investments such as money market funds.
Advertisement
NEWS
September 23, 2004
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.
BUSINESS
By Natalie Sherman, The Baltimore Sun | July 5, 2014
Legg Mason plans to close a deal this month to restructure $650 million in debt, a move designed to lock in favorable interest rates for the long term while taking advantage of the market's sustained appetite for corporate bonds. The money raised from the sale will be used to pay off $650 million of notes due in 2019, which the Baltimore-based money manager issued two years ago at a rate of 5.5 percent. The firm's total debt of just over $1 billion would remain unchanged. Legg's decision to restructure debt follows the path of dozens of companies, including asset managers Invesco, Janus Capital Group and Icahn Enterprises, that have pursued refinancing in expectation of rising interest rates.
NEWS
November 8, 2003
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.
BUSINESS
By Hanah Cho and Hanah Cho,Hanah.cho@baltsun.com | July 28, 2009
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...
NEWS
January 24, 2000
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.
BUSINESS
By Hanah Cho and Hanah Cho,Hanah.cho@baltsun.com | June 25, 2009
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.
BUSINESS
By Hanah Cho and Hanah Cho,Sun Reporter | March 8, 2008
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.
BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | June 25, 2008
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.
BUSINESS
By Natalie Sherman, The Baltimore Sun | June 4, 2014
Baltimore money manager Legg Mason said Wednesday that it plans to sell an investment advisory unit to Stifel Financial Corp., part of a broader effort to streamline the firm's business. Legg Mason Investment Counsel & Trust Co, which had about $9 billion in assets under management, will become part of Stifel's global wealth management business after the deal, expected to close in the fall. Terms were not disclosed. The move follows efforts by CEO Joseph Sullivan to reposition the company, which is working to reverse a trend of net quarterly withdrawals by customers tied to past performance problems.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 1, 2014
Legg Mason Inc. reported that clients added more than $8 billion in cash to accounts at the Baltimore money manager during its recently finished fiscal year, breaking a six-year streak of client cash flowing the wrong way — out. Legg's net income more than doubled in the January-through-March period compared with a year earlier, boosted by the rising assets under management and lower costs. The company reported a $68.9 million profit for the three months, up from $29.2 million a year earlier — when the company took a multimillion-dollar expense hit while consolidating offices.
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 Natalie Sherman, The Baltimore Sun | January 31, 2014
Legg Mason reported Friday that it earned a profit of $81.7 million in the quarter ended Dec. 31, a turnaround compared to 2012, when it lost $453.9 million during the same period. That swing was driven largely by the Baltimore-based money management firm's one-time write-off of $734 million of certain assets a year earlier. Earnings per share were 67 cents, roughly on target with analyst expectations, but shares of the company slipped 95 cents Friday amid a broader market retreat to $42.35 each.
BUSINESS
By Natalie Sherman, The Baltimore Sun | January 27, 2014
A California-based unit of Legg Mason Inc. agreed to pay more than $21 million to settle government charges that it defrauded clients by not properly informing them of losses caused by improper investments and by engineering trades between clients that shorted the sellers. The Securities and Exchange Commission announced the settlement in conjunction with the Department of Labor on Monday, identifying actions that they allege occurred at Western Asset Management Co. between 2007 and 2010.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | December 18, 2013
Legg Mason's Bill Miller is launching a new fund - an eponymous one. The Baltimore money management firm disclosed the impending Miller Income Opportunity Trust in an initial filing with the U.S. Securities and Exchange Commission on Friday, saying that Miller will manage the fund with son Bill Miller IV as assistant portfolio manager. The elder Miller turned in 15 straight years of market-beating returns, took a dive during the recession and has climbed back since. He will continue to run the Legg Mason Opportunity Trust fund, up about 60 percent so far this year.
NEWS
By LAURA VOZZELLA | February 5, 2006
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.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | November 17, 1998
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."
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 29, 2013
Legg Mason Inc. will be laying off about 20 people in its auditing department in Baltimore at the end of the year. The Baltimore-based money manager plans to maintain a small auditing team whose work will be supplemented by a large accounting firm, the company said. The name of the firm was not disclosed. The company employs 387 in Baltimore. "By doing so, we have created a structure in which we have the flexibility to allocate resources across geographies as needed, tapping into the subject matter and product breadth expertise of our accounting partner, while maintaining a small core staff to ensure communication and institutional knowledge," the company said in a statement.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 25, 2013
Legg Mason Inc., which continues to struggle with money flowing out of its stock funds, reported Friday it earned $86.3 million in the second quarter ended Sept. 30, a 6.8 percent increase over a year ago. On a per-share basis, the Baltimore-based money manager earned 70 cents in the quarter, compared with 60 cents the year before. That was well above analysts' expectations of 62 cents per share, said Christopher Harris, a senior analyst with Wells Fargo Securities, in a research note.
Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.