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By Jamie Smith Hopkins, The Baltimore Sun | July 1, 2012
With all the upheaval in the eurozone and the promise of more to come, what's an investor to do? Kick anything vaguely European out of the 401(k)? Baltimore money managers T. Rowe Price and Legg Mason say they both have relatively low levels of exposure to the eurozone: 4 percent of assets under management at Price, 5 percent at Legg. But they haven't pulled back in a big way from the region, which is struggling — to varying degrees, depending on the country — with debt and fears of a sharp recession.
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BUSINESS
By Natalie Sherman, The Baltimore Sun | January 4, 2014
The stock market's banner year brought good news to Baltimore money management firms, with leaders pointing to a rising tide that buoyed their funds and their companies' prospects. Market indices soared in 2013, with the S&P 500 up almost 30 percent, the Dow Jones industrial average up 27 percent and the Nasdaq up 38 percent. The stocks of smaller companies, in particular, climbed: the Russell 2000, one of the indices used to measure small-cap funds, rose about 39 percent. It was the best annual performance since the 1990s for the S&P and the Dow, and the best since 2009 for Nasdaq.
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BUSINESS
By Peter H. Frank | April 22, 1991
They seem like perfect complements. Paul D. Corbin is a right-handed native of Washington. M. Elliott Randolph Jr. is a left-handed Baltimorean. Each spent more than 10 years at First National Bank of Maryland, and they have spent their careers managing other people's money.Indeed, the five years they have played on the tennis court apparently represents their biggest chance to compete."Paul's a strong singles player," Mr. Randolph said, avoiding the answer to a question about who wins their tennis matches.
NEWS
By Peter Morici | November 18, 2013
Even Wal-Mart is too expensive for recession battered America. Everyday low prices are no longer enough - middle-class consumers are fleeing to dollar stores to stretch shrinking paychecks. Yet, Democratic politicians and economists who fashioned their failed policies tell us the economy is on the mend. President Barack Obama's nominee to head the Federal Reserve, Janet Yellen, bragged at her confirmation hearing that the economy has created 7.8 million new jobs, and she assured senators it's just a matter of time before the Fed stops printing money to purchase $85 billion in government debt.
BUSINESS
By Bill Atkinson | October 7, 1996
AT 8: 30 A.M. ON Friday, David M. Citron is bargain hunting.The portfolio manager with Baltimore-based Wagner Citron Management Corp. is quickly calling bond dealers to see if he can shave a point on treasuries or government agency bonds on sudden news that the economy lost jobs in September -- the first time in eight months."
BUSINESS
By David Conn and David Conn,Sun Staff Writer | February 6, 1995
Last year was so tough on investors, wrote one securities firm research director, "that even the liars are telling you how much they're down on the year!"That helps explain, if not ameliorate, the subpar results of most Maryland investment managers in 1994, as measured by Rockville-based CDA/Cadence, a division of CDA Investment Technologies Inc.TTC The dozen or so money managers whose performance CDA tracked last year managed a 1.02 percent return, including stock dividends. That compares with a 1.3 percent gain by the Standard & Poor's 500 Stock Index.
BUSINESS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | March 10, 2002
In the wake of Enron Corp.'s collapse, local money managers say reforms are needed, ranging from fuller disclosure by companies to greater independence of auditors and analysts who recommend stocks. But even then, some say, reforms can't guarantee that companies won't mislead investors. "If they want to break the rules, they will break the rules," said Donald J. Hoelting, a principal with Investment Counselors of Maryland in Baltimore. The Securities and Exchange Commission held a round table last week with investment professionals and others on how to improve financial disclosure and auditor oversight as a result of Enron's implosion.
NEWS
By Michael Dresser and William Patalon III and Michael Dresser and William Patalon III,SUN STAFF | March 22, 2002
Two money managers selected by Baltimore investment banker Nathan A. Chapman Jr. to invest funds for the state pension board used that money to buy $5.1 million worth of shares at $13 each in a Chapman-controlled company - stock that is now worth 17 cents a share. Unless the company's stock stages a remarkable recovery from a price lower than that of the bankrupt Enron Corp., the fund is in danger of losing more than $4 million on that investment. Chapman, chairman of the University System of Maryland's Board of Regents and an ally of Gov. Parris N. Glendening's, said he didn't receive a dime as a result of the purchases - though his company did. But he acknowledged that the transactions are under investigation by the federal Securities and Exchange Commission - as The Sun reported last month.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 21, 2001
After last year's stock market rout, managing money may not seem like such a glamorous pursuit. But executives who run brokerages and mutual fund companies are hoping for a bit of luster to return to their businesses with rebounds in the market and the economy this year. They are betting that, with Federal Reserve Board interest rate cuts, the economy will pick up in the second half of the year and that the stock market will at least stabilize. "We go into the year pretty optimistically," said Raymond A. "Chip" Mason, chairman and chief executive of Legg Mason Inc., a Baltimore-based brokerage and asset management company.
NEWS
By Michael Dresser and Alec MacGillis and Michael Dresser and Alec MacGillis,SUN STAFF | March 23, 2002
Leading legislators said yesterday that they were troubled about questionable transactions by managers chosen by Baltimore investment banker Nathan A. Chapman Jr. when he was investing money for the state employees' pension fund. Some called for his resignation as chairman of the University System of Maryland's Board of Regents because of the purchase of shares in a company he controlled using pension money - a transaction they called a conflict of interest. Chapman, the board's chairman since 1999, said yesterday that he plans to remain in the post and sees no link between that position and his business activities.
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 24, 2013
T. Rowe Price reported a $270.3 million profit in the third quarter Thursday, up 9.3 percent from the previous year, although the Baltimore-based money manager saw an outflow of investor dollars during the period. On a per-share basis, the company earned $1, compared with 94 cents for a year earlier. Price exceeded some analyst's expectations for the quarter by 4 cents per share. Revenue totaled $884.4 million in the quarter ended in September, compared with $769.7 million a year ago. Even so, Price's shares fell 3 percent in Thursday trading to $75.46 per share.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 24, 2013
T. Rowe Price is asking the Securities and Exchange Commission to allow it to offer "non-transparent" active exchange traded funds, according to a regulatory filing on Tuesday. The SEC early this year gave Price the thumbs to launch actively managed ETFs in which a professional picks the securities in the fund. ETFs often mimic an index, holding similar securities as the benchmark. But ETFs must disclose their holdings daily, instead of every month or so like a regular mutual fund.
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 | 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 | May 30, 2013
T. Rowe Price said it was selling its bank to New York financier Jacob M. Safra for about $24 million in light of new banking regulations that would limit other aspects of the Baltimore-based money manager's business. The bank was launched in 2000 as an additional service to clients and had $149.5 million in assets invested in certificates of deposit at the end of March, said spokesman Brian Lewbart. New banking regulations, though, would restrict other aspects of the company's operations, such as limiting Price's ability to provide seed money to some overseas investment vehicles, he said.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | October 17, 1999
Think of Baltimore's financial nerve center, and many picture the gleaming skyscrapers downtown, where Legg Mason Inc., Deutsche Banc Alex. Brown Inc., T. Rowe Price Associates Inc. and Mercantile Bankshares Corp. call home.But about a mile north of the Inner Harbor is another cluster of companies that are also involved in high finance. They are tucked away in a grittier, more eclectic part of the city -- Mount Vernon.Best known for its quaint shops, restaurants, tree-lined streets, and even occasional gunbattle, Mount Vernon has become the city's other hub to a growing number of money managers who collectively oversee $10.4 billion in assets.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | May 4, 1997
Eddie Brown was wrapping up a phone call when a colleague rushed into his office."I just got off the phone with a Fortune 50 company, and they would like to come in Monday. Guess who?" Keith A. Lee asked."Narrow it down geographically," said Brown, president of Brown Capital Management Inc., a Baltimore-based money-management firm."Northeast.""Texaco!" Brown answered instantly.Lee, a portfolio manager with the firm, took the phone call on Thursday afternoon, Nov. 14, 10 days after the White Plains, N.Y., oil giant was swept up in a firestorm involving alleged racism.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | May 11, 2013
T. Rowe Price lost another one of its fund managers, the third this year. Friday was the last day for Joseph M. Milano, 40, who has been the manager of Price's New America Growth Fund since 2002, said spokesman Brian Lewbart. Milano, who joined the Baltimore-based money manager in 1996 as an associate analyst, only recently informed Price of his plans to leave. "He let us know he was leaving the firm to pursue other investment management opportunities, most likely on his own," Lewbart said.
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