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By Jamie Smith Hopkins, The Baltimore Sun | May 13, 2010
Legg Mason told investors Thursday that the company expects its headcount will fall by more than 350 worldwide — the number of job cuts announced this week — because it won't replace all the employees who leave voluntarily. Mary Athridge, a Legg Mason spokeswoman, said such a move could also mean a reduction in the Baltimore area beyond the 250 layoffs planned, but the company doesn't have a bottom-line number in mind. The layoffs represent 30 percent of the company's local work force.
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BUSINESS
By Eileen Ambrose, The Baltimore Sun | June 12, 2013
The compensation of Legg Mason Inc.'s CEO and chief financial officer more than doubled over the year that ended March 31, according to a proxy statement filed Wednesday with regulators. CEO Joseph A. Sullivan, who took the helm of the Baltimore-based money manager in February, saw his total compensation for the fiscal year rise to $7.29 million, up from nearly $3.23 million the prior year. This includes a $425,000 salary, a $2.7 million cash bonus and $3.77 million in stock awards.
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BUSINESS
January 23, 2010
Legg Mason Inc. changed its bylaws Friday to require that board directors running in uncontested elections receive a majority of shareholder votes to win. Previously, directors on the 14-member board needed only a plurality. That means in uncontested races, a director could be elected with a single vote, said spokeswoman Mary Athridge. She said the change has nothing to do with billionaire Nelson Peltz, an activist investor who joined the board of the Baltimore-based investment company last year.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | June 6, 2013
Legg Mason Inc. has expanded its board of directors, adding two independent members, the Baltimore based money manager announced Thursday. Joining the board are John V. Murphy, a formerly of Korn/Ferry International, and John H. Myers, a retired president and CEO of GE Asset Management. These addition increase the board to 16 members. Legg hired Korn/Ferry last year to assist in its quest for a new CEO and Murphy had worked on the search. In a regulatory filing, Legg said that it paid Korn/Ferry about $900,000 and Murphy left the company at the end of December.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | May 24, 2010
Baltimore money manager Legg Mason Inc. said Monday that it has contracts to buy $300 million of its shares and will pay for the purchase with cash as part of a $1 billion stock buyback plan announced earlier in the month. The company expects to make additional stock purchases worth $100 million by the end of March 2011, with the rest of the $1 billion buyback to come in future years. The company had 161.4 million shares of common stock outstanding as of March 31. Its stock price closed at $29.58 a share Monday, down 56 cents from Friday.
BUSINESS
By Hanah Cho, The Baltimore Sun | July 26, 2010
Legg Mason Inc.'s quarterly profit fell 4 percent as operating costs grew and investors continued to withdraw money from the Baltimore asset manager's funds. Meanwhile, Legg Chief Executive Officer Mark R. Fetting said Monday that efforts to "streamline" its business by cutting 350 back-office jobs — 250 of them in Owings Mills and Baltimore — began July 1 and are on target to save $130 million to $150 million on an annual basis by March 2012. The work force reduction to boost profit margins was announced in May, but employees won't start losing jobs until the end of the year, Fetting said.
SPORTS
By Liz Clarke, The Washington Post | August 7, 2010
— David Nalbandian's ranking plunged so dramatically while he was sidelined 10 months out of the past 15 — first to recover from hip surgery, then a hamstring injury — that he needed a wild card to enter Washington's Legg Mason Tennis Classic. Even though he was once No. 3 in the world, little was expected in his first tournament since April. He was, after all, ranked a lowly 117th. But in a dazzling display of precision and tenacity, the Argentine returned to form Saturday night, eviscerating 13th ranked Marin Cilic of Croatia, 6-2, 6-2, in 73 minutes to earn a spot in today's final.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | December 12, 2012
Legg Mason Inc. announced Wednesday that it would accelerate a quarterly dividend that was to be paid out in January. The cash dividend of 11 cents per share will be paid out on Dec. 28, instead of Jan. 7. The Baltimore-based investment company becomes the latest to rush to make dividend payments before the end of the year, while the tax rate on this income is still 15 percent. Unless a deal is reached between Congress and the White House, dividend income next year will once more be taxed as regular income, which could be as high as 39.6 percent.
BUSINESS
By By Hanah Cho | June 1, 2010
Legg Mason Inc. director and shareholder Nelson Peltz has picked up more shares of the Baltimore money manager, according to a Securities and Exchange Commission filing submitted Thursday. Peltz bought 144,600 shares through funds connected with his Trian Fund Management LP, bringing his ownership stake to nearly 10.1 million shares, or more than 6 percent. The activist investor joined Legg's board in the fall; Trian is limited to acquiring no more than 9.9 percent of Legg's stock over the next two years.
BUSINESS
By Lorraine Mirabella, The Baltimore Sun | November 23, 2010
Legg Mason Inc. has created a retirement advisory council made up of industry leaders to review retirement products and challenges facing the industry, the Baltimore-based money management firm said Tuesday. The Legg Mason Retirement Advisory Council, a think tank of 14 members, will meet quarterly to discuss best practices in the industry, as well as innovative products, service providers and issues such as the impact of federal policy on retirement products, the firm said. Members of the council include representatives of 401(k)
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 28, 2013
Baltimore's two major mutual fund companies have joined a small but growing number of investment firms offering ultrashort-term bond funds, which may become an alternative to the traditional money market fund. The T. Rowe Price Ultra Short-Term Bond Fund launched in December and has $175 million in assets. Legg Mason Inc.'s California subsidiary this month filed to register the Western Asset Ultra Short Obligations Fund with regulators. There are now close to 50 ultrashort bond funds, with seven of them introduced last year, according to Morningstar Inc., which tracks funds.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 22, 2013
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.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 3, 2013
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.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 30, 2013
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.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 23, 2013
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
NEWS
By Jacques Kelly, The Baltimore Sun | April 17, 2013
Dong Hwan Lee, a securities salesman who began his career in Baltimore and rose to become a Wall Street sales director, died of cancer April 11 at his Manhattan home. The former Lutherville resident was 37. Born in Seoul, South Korea, he was the son of Myungock Ro, a nurse, and Kwang Sung Lee, a restaurateur and shop owner. Raised in Cockeysville, he attended Padonia Elementary and Cockeysville Middle schools and was a 1994 Dulaney High School graduate. He earned a bachelor's degree in finance from Towson University and a master's degree in business administration at the Johns Hopkins University.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | March 13, 2013
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.
BUSINESS
By Hanah Cho, The Baltimore Sun | December 20, 2010
Legg Mason Inc. announced Monday management changes intended to help the Baltimore money manager focus on three areas for growth. Meanwhile, David R. Odenath, who headed the company's Americas businesses, will leave Legg at the end of the year to pursue other opportunities, the firm said. Legg Chairman and Chief Executive Mark R. Fetting realigned its senior leadership structure to oversee three areas: global distribution, global investment managers, and mergers and acquisitions and business development.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 2, 2013
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.
BUSINESS
Eileen Ambrose | March 26, 2013
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...
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