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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.
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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 25, 2013
Legg Mason Inc. reported better-than-expected earnings Thursday and its first quarter in years with more money flowing into its mutual funds than being withdrawn. The Baltimore-based money manager posted a $47.8 million profit in the quarter April through June, or 38 cents per share, 2 cents more than the average estimate of analysts. In the same quarter a year ago, Legg lost $9.5 million, or 7 cents a share, largely because of costs associated with refinancing its debt and launching two funds.
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.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 8, 2013
Baltimore's Legg Mason Opportunity Trust, co-managed by well-known stock-picker Bill Miller, is the top-ranked U.S. diversified stock fund for the third consecutive quarter, according to a Wall Street Journal ranking. Miller and his co-manager, Samantha McLemore, buy shares that have fallen substantially because of dim prospects for the company, The Wall Street Journal said. The duo, for example, snapped up shares of Netflix and Best Buy before their stock recovery. These purchases contributed to Opportunity Trust's 55.1 percent return for the past 12 months and 31.6 percent gain for the first half of this year, the Journal said.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | June 29, 2013
The Legg Mason Capital Management Value Trust fund is doing something not seen in years: It's beating the stock market. Under new manager Sam Peters, the fund is up 27.8 percent in the past 12 months, compared with 20.6 percent for the S&P 500 index. Could the fund, which famously outperformed the market 15 years in a row before losing its footing, be turning the corner to a fresh winning streak? "Obviously, you always hope, but it is that old adage — take one day at a time," said Peters, who took over the fund's management a year ago in April.
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.
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 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.
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