Baltimore-based money manager Legg Mason Inc. will incur charges of $10 million in each of the last two quarters of this year for paying severance and other expenses related to streamlining its business, according to a Wednesday filing with the Securities and Exchange Commission.
These include shutting down its London-based emerging markets boutique, Esemplia Emerging Markets, as well as reducing the size of a sales office in Canada, said spokeswoman Mary Athridge.
These moves are expected to save Legg about $2.5 million per quarter, starting next year, the company said.