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By Eileen Ambrose, The Baltimore Sun | December 1, 2013
A new name recently joined the Baltimore skyline: R2integrated. The digital marketing firm's name replaces a sign that once belonged to the now-defunct Baltimore Examiner. The orange sign on the side of the 400 E. Pratt Street building is just one more milestone for R2integrated. The company was created in 2007 when CEO Matt Goddard and President Dave Taub merged their Round 2 Communications with Bi4ce Technology owned by Chris Chodnicki, now executive director of strategic partnerships and alliances.
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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.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 23, 2013
The downtown Baltimore skyline is about to change. The name of the defunct Examiner newspaper will no longer adorn the building at 400 E. Pratt St., visible throughout the Inner Harbor. Instead, the name of digital marketing firm R2integrated will go up on the Commerce Street side of the building in mid-October. For more than a year, R2integrated has been subleasing the building's 11th floor, which had been vacated by the Baltimore Examiner. The free newspaper ceased publication in 2009 after less than three years in the market.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 11, 2013
Baltimore-based money manager Legg Mason Inc. will incur charges of $10 million in each of the last two quarters of this year for paying severance and other expenses related to streamlining its business, according to a Wednesday filing with the Securities and Exchange Commission. These include shutting down its London-based emerging markets boutique, Esemplia Emerging Markets, as well as reducing the size of a sales office in Canada, said spokeswoman Mary Athridge. These moves are expected to save Legg about $2.5 million per quarter, starting next year, the company said.
NEWS
By Yvonne Wenger, The Baltimore Sun | September 11, 2013
The local United Way has named a former CEO of Legg Mason Inc. to lead its effort to raise more than $24 million for programs to improve education, financial stability and health for central Marylanders. Mark Fetting, who left his position at the investment management firm last year, will kick off the campaign this month. "Now is the time to do more for others," Fetting said in a statement. "United Way is the best combination of effectiveness and efficiency in responding to our community's greatest needs.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 10, 2013
During the depth of the 2008 financial crisis when Bill Miller's funds were in free fall, a colleague advised him to get a dog. "I needed to change my luck," said the Legg Mason money manager, famous for beating the market 15 years in a row. "I reasoned that to have a bull market, you need a 'bull' dog of some sort. " Miller, 63, settled on an English bulldog he named after boxer Jake "Raging Bull" LaMotta. "The bulldog was the reason the market recovered," Miller said during a recent interview at Legg's headquarters in Baltimore's Harbor East.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | August 7, 2013
Legg Mason Inc. announced Wednesday it would be shutting down its London-based emerging markets boutique and returning money to investors. Esemplia Emerging Markets manages $500 million in assets, not large enough to keep operating, Legg said. The firm, acquired in 2005 when Legg took on Citigroup's asset management business, will wind down over the next couple of quarters. Twenty-five employees stand to lose their jobs. The Baltimore-based money managers said it is still interested in building its international equity business.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 23, 2013
Legg Mason Inc. announced the appointment of Dennis M. Kass, an independent director and former CEO, as its new chairman during the annual shareholders meeting Tuesday. Kass, 62, joined the board of the Baltimore-based money manager in April and replaces W. Allen Reed, who had held the position since September after CEO and Chairman Mark Fetting announced his resignation. Reed told shareholders he was stepping down for "personal family reasons" and never intended to stay in the post for long.
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