Highlights
Legg Mason is a global asset management firm based in Baltimore, Md., that handles mutual funds and supervises accounts for wealthy and large institutional investors. The company previously operated largely as a stock brokerage, but a series of acquisitions gradually shifted its focus toward asset management. In 2005, Legg Mason swapped holdings with Citigroup, completing its transition into an asset management firm and transforming Legg from a regional player into the fifth-largest money manager in the world. The company's global headquarters is located at the intersection of Charles and Lombard streets and has long been a prominent feature of Baltimore's skyline. But Legg Mason plans to re...
Legg Mason is a global asset management firm based in Baltimore, Md., that handles mutual funds and supervises accounts for wealthy and large institutional investors. The company previously operated largely as a stock brokerage, but a series of acquisitions gradually shifted its focus toward asset management. In 2005, Legg Mason swapped holdings with Citigroup, completing its transition into an asset management firm and transforming Legg from a regional player into the fifth-largest money manager in the world. The company's global headquarters is located at the intersection of Charles and Lombard streets and has long been a prominent feature of Baltimore's skyline. But Legg Mason plans to relocate to a new, 24-story office tower in Baltimore's Harbor East neighborhood in 2009. Founded in 1899, Legg Mason was listed fourth among Fortune magazine's most-admired securities companies in 2006. The company also serves as the title sponsor of the Legg Mason Tennis Classic, a professional men's tournament which is held each summer at the William H.G. FitzGerald Tennis Center in Washington, D.C. The event, which began in 1969, was won by Andy Roddick in 2007. Other past singles champions include Andre Agassi, Jimmy Connors, Arthur Ashe, Ivan Lendl and Michael Chang.
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Legg reports 10 percent increase in quarterly profit
Legg Mason Inc. posted a 10 percent increase in quarterly profit on Tuesday as it lowered operating expenses as part of a just-completed cost-cutting initiative. The Baltimore money manager earned $76.1 million, or 54 cents a share, in its fiscal...Tags: Companies and Corporations, Personal Finance, New Products, Finance, Quarterly or Semiannual Financial Statements
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Legg Mason investors approve executive pay package
Legg Mason Inc. shareholders approved a $5.9 million pay package for Chairman and CEO Mark R. Fetting in an advisory vote announced Tuesday at the Baltimore-based company's annual meeting.
The nonbinding "say on pay" measure won the support of 87 percent...Tags: Politics, Annual and Special Corporate Meetings, Companies and Corporations, CEO Pay, Constellation Energy Group
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Legg Mason profits jump 25% in fiscal first quarter
Baltimore money manager Legg Mason Inc. said Thursday that profits in the three months ending in June rose 25 percent compared with a year earlier, to $60 million. That 40-cent profit per share beat Wall Street analysts' expectations by two cents a...Tags: Debt Market, Citigroup Incorporated, Finance, Bill Miller, Thomson Corporation
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Legg Mason notifies state of 35 job cuts in Owings Mills
Legg Mason Inc. said Monday that it would lay off an additional 35 workers by January as part of a previously announced plan to shut down the money manager'sOwings Mills facility. In a notice Monday to the state's Department of Labor, Licensing and...Tags: Companies and Corporations, Unemployment, Career and Workplace, Labor Legislation
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N.Y. investor Peltz buys a bigger share of Legg Mason
New York investor Nelson Peltz has acquired a bigger share of Baltimore-based Legg Mason Inc., buying 2.65 million shares of the Baltimore money manager for $76.5 million between Aug. 1 and Aug. 3, a Securities and Exchange Commission filing shows. The...Tags: Shareholders, Personal Investing
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Activist investor Peltz buys more Legg shares
Activist investor Nelson Peltz has virtually reached the limit on his ownership stake of Baltimore-based Legg Mason Inc. after his latest stock purchase late last week. Peltz bought an additional 790,000 shares of Baltimore-based Legg Mason Inc. on Aug....Tags: Politics, Activism
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Anxious investors try to remain calm amid wild swings in market
Veteran money manager Brian Kroneberger Jr. didn't sleep well last week — and neither did his clients — as markets whipsawed and the Dow Jones industrial average posted Tums-popping losses and heart-pounding gains on a daily basis.
Nervous...Tags: Education, Financial Markets, Politics, Companies and Corporations, Career and Workplace
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In volatile market, some see bargains, others, pitfalls
As the Dow took another 400-point tumble Thursday, Baltimore money manager David Stepherson found himself talking one client out of selling everything. "I advised him that it would not be a good idea because our view of things is that this is going to be...Tags: Financial Markets, Politics, Companies and Corporations, Federal Reserve, Philadelphia (Philadelphia, Pennsylvania)
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Keep the faith in Baltimore schools' success
The uphill path of progress is rarely charted in a straight line.
Last week's news that test scores for city students declined, in contrast to steady gains over the prior three years, does not detract from our confidence in the direction of Baltimore...Tags: Education, Politics, Examinations, High Schools, Corporate Officers
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Legg focused on reversing fund withdrawals
Legg Mason Inc. has bounced back from the worst of the financial crisis by many counts. The Baltimore financial powerhouse has cleaned up its balance sheet without government help, returned to profitability and initiated a major cost-cutting program to...Tags: Financial Markets, Companies and Corporations, Career and Workplace, Retirement, Bill Miller
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CEOs paid more even as profits fall
Chief executives of public companies have long had a ready answer when criticized about high pay: It's all about company performance.
That argument has been put to the test by the toughest financial environment since the Great Depression. If...Tags: Gaming, Companies and Corporations, Board of Directors, Wages and Pensions, Retirement
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O'Malley appoints Fry to head slots vetting
A commission that will dole out lucrative slots licenses in Maryland will be headed by the leader of a business advocacy group chosen by Gov. Martin O'Malley after two prominent university leaders declined interest in the unpaid assignment, according to...Tags: Education, Casino and Gambling Industry, Ethics, Lotteries, Lawyers
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