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Legg Mason Seeks Solutions for Auction-Rate Buyers

Reuters
Friday, 28 Mar 2008 | 11:06 AM ET
Legg Mason Liquidity Solutions
Legg Mason explores solutions for auction rate preferred securities, reports CNBC's Steve Liesman

U.S. money manager Legg Mason said Friday it is exploring solutions to provide liquidity to holders of auction-rate preferred securities issued by seven closed-end funds of its affiliates.

Closed-end funds issue these securities to borrow and boost returns. However, the credit crunch has disrupted the market for these securities and rendered them illiquid.

Legg Mason said in a statement the seven funds of its affiliates have issued about $672 million of these securities.

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