Legg Mason Inc
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Mutual funds have come full circle from an era in which active managers could walk on water to a world in which the general assumption is an active manager can never beat the index.
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*Invesco CEO sees early stage of "Great Rotation" into stocks. Franklin Resources, Invesco and Affiliated Managers Group reported strong customer net inflows with an increasing emphasis on stock funds, which typically carry higher fees and profit margins.
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April 30- Asset manager Legg Mason Inc on Tuesday said its profit fell sharply in the three months ended March 31, driven down by real estate losses. Assets under management rose to $664.6 billion at March 31, up from $648.9 billion at Dec. 31, driven mainly by the rising value of investments that added $12.1 billion.
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April 2- Legg Mason Inc said on Tuesday that Ronald Dewhurst will leave the company he once hoped to lead as its next chief executive. Sullivan, previously Legg Mason's sales chief, was named to lead the company in February after a five-month search to replace prior CEO Mark Fetting following his departure at the start of October.
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March 5- Legg Mason Inc's chief financial officer said the Baltimore fund firm may trim the number of funds it offers, and the 32 offices it operates, but does not expect major cost-cuts like those it already made in recent years. Legg Mason CFO Pete Nachtwey said the firm will provide more details of ongoing reviews in coming months.
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BOSTON, March 5- Legg Mason Inc may trim the number of funds it offers and offices it operates, but does not expect major cost-cutting like that begun in 2010, the asset manager's chief financial officer said on Tuesday.
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Find out what Wall Street analysts and investors had to say about Michael Kors earnings, the outlook for Legg Mason's shares and Comcast after the NBCUniversal deal with General Electric in this week's CNBC.com Stock Blog Roundup.
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BOSTON, Feb 13- Newly-named Legg Mason Inc chief executive Joseph Sullivan on Wednesday vowed to staunch the outflow of investor money from its funds and to renew relations with its investment units- two critical steps to rebuilding the Baltimore- based asset manager.
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Feb 13- Asset manager Legg Mason Inc named Joseph Sullivan as its permanent chief executive officer on Wednesday, picking an insider to staunch outflows from its funds and smooth relations with its autonomous investment units. Baltimore- based Legg Mason had been seeking a new CEO since Mark Fetting stepped down under pressure last fall.
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Feb 13- Asset manager Legg Mason Inc on Wednesday named Joseph Sullivan as its permanent chief executive, picking an insider to staunch outflows from its funds and smooth relations with its autonomous investment units. Legg Mason of Baltimore had been seeking a new CEO since Mark Fetting stepped down under pressure last fall.
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Feb 12- Asset manager Legg Mason Inc is preparing to name its interim head, Joseph Sullivan, as its permanent chief executive, two people familiar with the matter said, as the company turns to a sales chief to stop the outflow of funds.
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Value investor Mario Gabelli says he expects small-cap stock GenCorp and mid-cap stock Legg Mason to double in value.
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*Murdock was approached for Legg Mason job. NEW YORK, Feb 6- Brian Murdock, the chief executive of Toronto-Dominion Bank unit TD Asset Management, has resigned to return to the United States from Canada. Earlier this year, executive recruiters named Murdock as a favorite to replace Mark Fetting, who resigned as Legg Mason's chief executive last year.
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By Ross Kerber and Jessica Toonkel. Legg Mason Inc on Friday reported a sharp loss of $453.9 million amid charges and continued outflows of customer cash in the three months ended December 31.
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Feb 1- Legg Mason Inc reported a quarterly loss on Friday on charges for impaired assets and continued outflows from its equity and bond funds, and said it should name a permanent chief executive soon. Shares of Legg Mason were down 3.8 percent in early trading, at $26.61, after analysts expressed concern about the outflows.
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Feb 1- Legg Mason Inc reported a quarterly loss on Friday on charges for impaired assets and continued outflows from its equity and bond funds, and the asset manager said it should name a permanent CEO soon.
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BOSTON, Feb 1- Legg Mason Inc interim Chief Executive Joseph Sullivan said investors should expect the company to name a new chief executive "in the not too distant future."
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Feb 1- Asset manager Legg Mason Inc said on Friday it swung to a quarterly loss due to charges for impaired assets, and reported continued outflows from its equity and bond funds. Legg Mason reported a net loss of $453.9 million, or $3.45 per share, for the three months ended Dec. 31, its third fiscal quarter.
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*Legg Mason board declines to explore idea-sources. NEW YORK, Jan 10- Legg Mason Inc has been approached in recent months by some of its senior managers and private equity firms with plans to take the struggling asset manager private, but the board has decided against exploring that option at least until the company has a new chief executive, three sources said.
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