Legg Mason

Last updated
Legg Mason, Inc.
Industry Investment management
Founded1899;125 years ago (1899)
DefunctJuly 31, 2020;3 years ago (2020-07-31)
FateAcquired by Franklin Templeton Investments
Headquarters Baltimore, Maryland, U.S.
Key people
Joseph A. Sullivan (Chairman, President & CEO)
Services Asset management
RevenueIncrease2.svg $2.922 billion (2019)
50,831,000 United States dollar (2015)  OOjs UI icon edit-ltr-progressive.svg
Increase2.svg $304 million (2019)
AUM Decrease2.svg $730.8 billion (2019)
Total assets Increase2.svg $8.006 billion (2019)
Total equity Increase2.svg $3.792 billion (2019)
Number of employees
3,059 (2020)
Footnotes /references
[1]

Legg Mason was an American investment management and asset management firm headquartered in Baltimore, founded in 1899 and acquired by Franklin Templeton Investments as of July 2020. [2] As of December 31, 2019, the company had $730.8 billion in assets under management, including $161.2 billion in equity assets, $420.2 billion in fixed income assets, $74.3 billion in alternative assets, and $75.1 billion in liquidity assets. [1]

Contents

History

In 1899, George Mackubin & Co., predecessor to Legg & Co., was founded in Baltimore, Maryland. It got its start selling stocks out of a back office in the Baltimore Stock Exchange in 1899. [3] In 1970, it had offices in San Francisco, New York, as well as several in Maryland, with over 400 employees. It was best known for its expertise in the life and casualty insurance industry. [4]

In 1949, after the departure of Mackubin, John C. Legg, Jr. named the company after himself. [4]

In 1962, Mason & Co., a stockbrokerage, was founded by Raymond A. “Chip” Mason in Newport News, Virginia. [4] [5]

In 1967, Mason & Co., with over 80 employees in 4 offices, became one of the largest Virginia-based stockbrokerages.

In 1970, Mason & Co. was acquired by Legg & Co., forming Legg Mason & Co., Inc., with headquarters in Baltimore, Maryland. [4] [5]

In 1975, Raymond A. Mason became chairman and CEO, adding to his existing role as president.

In 1982, Legg Mason Fund Adviser, Inc. was established to manage the company’s flagship fund, Legg Mason Value Trust. [5]

In 1983, the company became a public company via an initial public offering on the New York Stock Exchange, raising $14 million. [4] [5]

In 1997, the company moved its headquarters to 100 Light Street in Baltimore. [4]

In July 2002, the company sold its stockbrokerage subsidiary to Raymond James Financial. [5]

In 2005, the company transferred its Private Client and Capital Markets business to Citigroup in exchange for Citigroup’s asset management business in a $3.7 billion transaction, turning Legg Mason into the 5th largest money management firm in the U.S. [5]

In 2006, fund manager Bill Miller's streak of beating the S&P 500 15 years in a row ended. [4]

In January 2008, Mark R. Fetting became CEO of the company, succeeding Raymond A. "Chip" Mason. [5]

In May 2008, during the financial crisis of 2007-2008, the company reported its first quarterly loss as a public company. [4]

In July 2009, the company moved its headquarters to Inner Harbor East, Baltimore. [4]

In October 2009, Nelson Peltz joined the board of directors of the company after acquiring a stake. [4]

In May 2010, the company announced layoffs of as many as 350 people. [5] [6]

In February 2013, Joseph A. Sullivan became CEO of the company. [4] [7]

In 2016, the company acquired real estate investment firm Clarion Partners, combined its hedge fund platform Permal with New York independent hedge fund investor EnTrust and purchased a minority stake in New Jersey-based Precidian Investments to boost its exchange traded funds. [4] [8]

In April 2019, the company ended all sports sponsorships to cut costs. [5] [9]

In July 2020, Franklin Templeton Investments acquired Legg Mason for $4.5 billion. [10] [11]

Investment affiliates

Brandywine Global

Clarion Partners

ClearBridge Investments

EnTrust Global

Martin Currie

QS Investors

RARE Infrastructure

Royce Investment Partners

Western Asset Management Company

Former offices

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References

  1. 1 2 "Legg Mason, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Franklin Templeton Completes Acquisition of Legg Mason". Business Wire. 31 July 2020.
  3. ↑ Cox, Rob (April 14, 2016). "The next big China buyer is …". CNBC. Reuters.
  4. 1 2 3 4 5 6 7 8 9 10 11 12 DANCE, SCOTT (February 18, 2020). "Legg Mason timeline: From its founding at the turn of the 20th century to a dominant place in Baltimore's skyline". The Baltimore Sun .
  5. 1 2 3 4 5 6 7 8 9 Sullivan, Joanna (February 18, 2020). "How did Legg Mason get here? A look back at the Baltimore firm's history". American City Business Journals .
  6. ↑ Haber, Gary (May 13, 2010). "Legg Mason job losses could surpass 350". American City Business Journals .
  7. ↑ Haber, Gary (February 13, 2013). "Legg Mason names Sullivan new CEO". American City Business Journals .
  8. ↑ Seltzer, Rick (January 22, 2016). "Legg Mason spends more than $1B on 3 deals with an eye toward diversification". American City Business Journals .
  9. ↑ Wilen, Holden (April 1, 2019). "Legg Mason ends all sports sponsorships — including with the Orioles". American City Business Journals .
  10. ↑ "Franklin Templeton Completes Acquisition of Legg Mason" (Press release). Business Wire. July 31, 2020.
  11. ↑ MIRABELLA, LORRAINE (July 31, 2020). "Franklin Templeton acquires Baltimore-based Legg Mason in $4.5 billion deal". The Baltimore Sun .
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