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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Top-paid executives
Sun reporterConstellation Energy Group dominated the list of the most highly paid local executives in 2007, a year in which the company's stock price rose nearly 50 percent. Leaders at the Baltimore Gas and Electric Co. parent accounted for four of the top 10 -...Tags: Prices, Corporate Officers, Investments, Securities, Sinclair Broadcast Group Incorporated
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Stocks retreat amid fears of financial sector bailout
From wire reportsWall Street retreated yesterday after Fannie Mae and Freddie Mac fell to their lowest levels in nearly 20 years on concerns that the government might need to bail out the mortgage financiers. Weakness in the overall financial sector sent the Dow Jones...Tags: Freddie Mac, Stock Activities, Stocks, Financial Markets, Stock Broking
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Legg Mason raises stake in Freddie Mac
Baltimore money manager Legg Mason Inc. investment funds raised their stake in Freddie Mac to 12.4 percent from 7.8 percent of shares outstanding, becoming the mortgage company's largest shareholder, according to regulatory filings. Legg Mason Capital...Tags: Freddie Mac, Bill Miller
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Legg cuts exposure to some securities
Legg Mason Inc. has reduced its exposure to auction-rate preferred securities issued by some of its closed-end mutual funds to $420 million, from $672 million, the Baltimore money manager said yesterday. That means shareholders of these preferred stock in...Tags: Mutual Funds
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Mass. pension fund dumps Legg Mason
The Massachusetts state pension fund pulled $2 billion in assets from Baltimore-based Legg Mason Inc.'s Bill Miller and four other firms as part of a plan to shift all U.S. equity assets from active money managers. The board of the pension fund, which has...Tags: Pension and Welfare, Bill Miller, Interior Policy, Wages and Pensions, State Street Corporation
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Plain vanilla beats flash
Sun reporterBaltimore-based T. Rowe Price Group's plain vanilla approach to investing led it to a $162.2 million quarterly profit, while its flashier crosstown peer, Legg Mason Inc., reported a $31.3 million loss as its star fund managers continued to struggle in a...Tags: Personal Finance, T. Rowe Price Group Incorporated, Corporate Officers, Quarterly or Semiannual Financial Statements, Retirement
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Financial firms' slippage sinks stocks; Dow falls 139
From Wire ReportsWall Street skidded lower yesterday as downbeat news from JPMorgan Chase & Co. and other financial companies exacerbated the market's anxiety about the continuing impact of the credit crisis. The Dow Jones industrials fell nearly 140 points. JPMorgan...Tags: New York Mercantile Exchange, BP Plc, Stock Activities, The Goldman Sachs Group Incorporated, Stocks
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Stocks rebound, lift Dow 302
From wire reportsWall Street rebounded smartly yesterday, shooting higher as a surge in the dollar and another plunge in oil prices eased some of investors' worries about losses at mortgage finance company Fannie Mae. The Dow Jones industrials soared more than 300 points,...Tags: New York Mercantile Exchange, Procter & Gamble Company, Stock Activities, JC Penney Company Incorporated, Financial Markets
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Upbeat earnings reports, slipping oil help Dow rise
From wire reportsStocks advanced for the second straight session yesterday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy. Crude has retreated as oil investors have worried that high prices and...Tags: Exxon Mobil Corporation, Costco Wholesale Corporation, Delta Air Lines, Coventry Health Care Incorporated, Petroleum Industry
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Dow gains 135 as drop in oil prices boosts mood
From wire reportsWall Street shook off early doldrums and closed sharply higher yesterday after another drop in oil prices encouraged investors to set aside financial sector worries and go bargain hunting across the market. Stocks initially fell on uneasiness about...Tags: Prices, Petroleum Industry, Stock Activities, Energy Saving, Financial Markets
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Fannie, Freddie safety net not enough to stop slump
From wire reportsWall Street extended its slump into yet another week yesterday as investors worried that even a safety net set up for mortgage financiers Fannie Mae and Freddie Mac won't head off further troubles in the financial markets. Investors' unease about the...Tags: Freddie Mac, National City Corporation, Stock Activities, Yahoo! Inc., Stocks
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S & P 500 reaches bear market
From wire reportsWall Street tumbled yesterday, sending the Standard & Poor's 500 index into its first bear market since 2002, as investors grappled with renewed worries about the soundness of the financial sector. The major indexes fell more than 2 percent, including the...Tags: Sales, Freddie Mac, New York Mercantile Exchange, Citigroup Incorporated, Stock Activities
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