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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Treasury approves RLJ Western Asset Management for program to buy banks' toxic assets
WASHINGTON (AP) — Investment company RLJ Western Asset Management LP has raised enough money to join with the government in buying toxic assets held by banks, the Treasury Department said Thursday. The purchases of the soured mortgage securities...Tags: U.S. Department of Treasury, NBA
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Tool titans Black & Decker, Stanley Works to merge
Baltimore Sun reportersBlack & Decker Corp., the Towson-based toolmaker founded here almost 100 years ago, said Monday that it plans to merge with The Stanley Works in a $4.5 billion all-stock deal that will bring together internationally known brands but reduce the number of...Tags: Layoffs and Downsizing, Martin O'Malley, Mergers, Acquisitions and Takeovers, Black & Decker, Unemployment
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Legg Mason's board approves executive accountability plan
Baltimore money manager Legg Mason Inc.'s board of directors approved Tuesday a senior executive plan designed to establish accountability in investment performance, net flows and operating margins for the firm's top management. - Hanah Cho -
Legg Mason posts profit for second consecutive quarter
Baltimore money manager Legg Mason Inc. reported Thursday morning a profit for the second consecutive quarter. The company said net income in the fiscal second quarter ending Sept. 30 was $45.8 million, or 30 cents per diluted share, compared with a loss... -
Legg Mason profitable for 2nd consecutive quarter
Legg Mason Inc. posted a profit for the second consecutive quarter Thursday, reflecting another sign of recovery for the Baltimore money manager as client redemptions slowed further and its assets under management grew. Net income in the fiscal second...Tags: Interior Policy, CEO Pay, Earnings, Principal Financial Group Incorporated, Harbor East
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Billionaire investor Peltz to join Legg Mason board
Baltimore Sun reporterBillionaire activist investor Nelson Peltz — rumored to have been agitating for change at Legg Mason Inc. this summer — will join the Baltimore money manager's board of directors after his firm amassed a 4.3 percent stake, the company...Tags: Restaurant and Catering Industry, Cadbury plc, Board of Directors, Triarc Companies Inc.
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Activist investor Peltz joins Legg board
Billionaire activist investor Nelson Peltz - rumored to have been agitating for change at Legg Mason Inc. this summer - will join the Baltimore money manager's board of directors, the company announced Monday.
The decision by Legg Mason to appoint...Tags: Cadbury plc, Board of Directors, Triarc Companies Inc., Management Change, Morningstar Incorporated
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Legg relabeling namesake funds
Legg Mason Inc. will introduce tomorrow a re-branding of its namesake mutual funds meant to improve their marketability and visibility as the Baltimore money manager rebounds from its poor performance amid last year's financial sector meltdown. Most Legg...Tags: Citigroup Incorporated, Janus Capital Group Inc., Stock Broking, Financially Distressed Companies, Bankruptcy
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Center Club reopening is act of faith in downtown
Baltimore's Center Club is holding two "grand reopening" celebrations next week to unveil the results of a $2.7 million renovation completed over the summer.
The private dining club at 100 Light St. has scheduled a reception for government, business...Tags: Renovation, Employment, Government, Dining and Drinking, Executive Branch
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Legg Mason's assets rise again
Baltimore money manager Legg Mason Inc., which saw its first profit in the June quarter after more than a year of losses, said Wednesday that its assets under management grew to $693 billion at the end of August. The 5 percent increase from $657...Tags: Bill Miller, Marketing, Mutual Funds, Financial Markets
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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: SEC, Business Enterprises, Interior Policy, Prices, CEO Pay
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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: Michael E Busch, Thomas V. Mike Miller, Heads of State, Casino and Gambling, Constellation Energy Group
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