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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 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.
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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 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.
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 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.
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.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun and Baltimore Sun reporter | May 23, 2011
Florence G. Oldham, a former Legg Mason researcher who had been a Red Cross worker during World War II, died May 13 of complications from a broken hip at Gilchrist Hospice Care. She was 94. The daughter of an organist and a homemaker, Miss Oldham was born in Baltimore and raised in Govans. After graduating from Friends School in 1934, she worked as a secretary during the late 1930s. With the outbreak of World War II, Miss Oldham served overseas in Africa, France, Italy and Germany for almost four years.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun and Baltimore Sun reporter | April 28, 2011
Douglas F. Pollard, a retired Legg Mason senior vice president who enjoyed flying, died April 16 of heart failure at Keswick Multi-Care Center. The longtime Glyndon resident was 68. Mr. Pollard was born and raised in Hagerstown, where he graduated in 1961 from St. James School. He earned a bachelor's degree in 1965 from the University of Virginia and began his Wall Street career at Kidder Peabody & Co. in New York City, and later Philadelphia. He moved to Baltimore in 1966, and 11 years later was promoted to vice president at Kidder Peabody.
BUSINESS
December 19, 2009
Activist investor Nelson Peltz has increased his ownership stake in Baltimore money manager Legg Mason Inc., according to a Securities and Exchange Commission filing this week. Peltz, who joined the company's board this fall after acquiring 4.3 percent of the company's stock, bought an additional 717,000 shares this week. That increases his holdings to just under 7.7 million shares, or 4.75 percent of the company. Peltz is known for targeting good but underperforming brands, but Legg Mason said he is not trying to push for the company's sale or breakup.
BUSINESS
By Michael Bodley, The Baltimore Sun | June 28, 2014
Dozens of low-income middle schoolers at Baltimore's St. Ignatius Loyola Academy are getting a head start on money management, thanks to Legg Mason employees. Volunteers from the Baltimore-based money management firm regularly visit the Jesuit boys' school throughout the year to teach students how to open savings accounts, balance checkbooks and understand the taxes they'll soon have to pay. "We just don't want this to be just a financial component," said Auburn Bell, Legg Mason's director of corporate philanthropy.
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.
NEWS
By Stephanie Beran | March 30, 2014
Are men and women so different in their management styles? I am beginning to wonder. For years, the conventional wisdom has preached that to be successful in the corporate ranks, women had to become more like men. Be hard driving. Work long hours, with lots of "face time. " Show unbridled ambition. Demand what you want. I have watched lots of men - and women - try this approach, which I think of as the top-down, military-style model. The funny thing is, I have not seen it work very often.
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.
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