Legg Mason, Inc.
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Legg Mason, Inc. was an American
investment management Investment management (sometimes referred to more generally as financial asset management) is the professional asset management of various Security (finance), securities, including shareholdings, Bond (finance), bonds, and other assets, such as r ...
and
asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...
firm headquartered in
Baltimore Baltimore is the most populous city in the U.S. state of Maryland. With a population of 585,708 at the 2020 census and estimated at 568,271 in 2024, it is the 30th-most populous U.S. city. The Baltimore metropolitan area is the 20th-large ...
, founded in 1899 and acquired by
Franklin Templeton Investments Franklin Resources, Inc. is an American Multinational corporation, multinational investment management holding company that, together with its subsidiaries, is referred to as Franklin Templeton; it is a global investment firm founded in New York ...
as of July 2020. As of December 31, 2019, the company had $730.8 billion in
assets under management In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institutio ...
, 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.


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. 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. In 1949, after the departure of Mackubin, John C. Legg Jr. named the company after himself. In 1962, Mason & Co., a stock brokerage, was founded by Raymond A. “Chip” Mason in Newport News, Virginia. In 1967, Mason & Co., with over 80 employees in 4 offices, became one of the largest Virginia-based stock brokerages. In 1970, Mason & Co. was acquired by Legg & Co., forming Legg Mason & Co., Inc., with headquarters in Baltimore, Maryland. Legg & Co. was founded in 1962. In 1973 Legg Mason & Co. merged with New York securities broker Wood Walker. Wood Walker had been founded in 1869. 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. In 1983, the company became a
public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...
via an
initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
on the
New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...
, raising $14 million. In 1985 the company acquired the Pennsylvanian A.E. Masten & Co. Inc. and Howard Weil Financial Corp of Louisiana. In 1986 the company acquired brokerage house Warren York Inc. of Pennsylvania. In 1997, the company moved its headquarters to 100 Light Street in Baltimore. In July 2002, the company sold its stock brokerage subsidiary to
Raymond James Financial Raymond James Financial, Inc. is an American multinational independent investment bank and financial services company providing financial services to individuals, corporations, and municipalities through its subsidiary companies that engage pri ...
. In 2005, the company transferred its Private Client and Capital Markets business to
Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, t ...
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. In 2006, fund manager Bill Miller's streak of beating the
S&P 500 The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices and in ...
15 years in a row ended. In January 2008, Mark R. Fetting became CEO of the company, succeeding Raymond A. "Chip" Mason. In May 2008, during the
Great Recession The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009.
, the company reported its first quarterly loss as a public company. In July 2009, the company moved its headquarters to
Inner Harbor East, Baltimore Inner Harbor East, sometimes referred to simply as Harbor East, is a relatively new mixed-use development project in Baltimore, Maryland, United States. Major tenants of Harbor East include Marriott International and Legg Mason. A Four Seasons Hote ...
. In October 2009,
Nelson Peltz Nelson Peltz (born June 24, 1942) is an American billionaire businessman and investor. He is a founding partner, together with Peter W. May and Edward P. Garden, of Trian Partners, an alternative investment management fund based in New York. He i ...
joined the
board of directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...
of the company after acquiring a stake. In May 2010, the company announced layoffs of as many as 350 people. In February 2013, Joseph A. Sullivan became CEO of the company. In 2016, the company acquired real estate investment firm
Clarion Partners Clarion Partners ("Clarion") is an American real estate investment firm headquartered in New York City. The firm is the real estate asset management platform of Franklin Templeton Investments. In 2022, IREI ranked Clarion as the eighth largest ...
, 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. In April 2019, the company ended all sports sponsorships to cut costs. In July 2020,
Franklin Templeton Investments Franklin Resources, Inc. is an American Multinational corporation, multinational investment management holding company that, together with its subsidiaries, is referred to as Franklin Templeton; it is a global investment firm founded in New York ...
acquired Legg Mason for $4.5 billion.


Investment affiliates


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, and
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*Year Founded: 1982 *Year Acquired: 2016 *Location: Headquartered in
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; offices in
Baltimore Baltimore is the most populous city in the U.S. state of Maryland. With a population of 585,708 at the 2020 census and estimated at 568,271 in 2024, it is the 30th-most populous U.S. city. The Baltimore metropolitan area is the 20th-large ...
,
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Boston Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...
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London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
,
Los Angeles Los Angeles, often referred to by its initials L.A., is the List of municipalities in California, most populous city in the U.S. state of California, and the commercial, Financial District, Los Angeles, financial, and Culture of Los Angeles, ...
,
São Paulo São Paulo (; ; Portuguese for 'Paul the Apostle, Saint Paul') is the capital of the São Paulo (state), state of São Paulo, as well as the List of cities in Brazil by population, most populous city in Brazil, the List of largest cities in the ...
,
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, and
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ClearBridge Investments

*Year Founded: 2005 (predecessor firms date to 1962) *Year Acquired: 2005 (as Citigroup's asset management business) *Location: Headquartered in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
; offices in
Baltimore Baltimore is the most populous city in the U.S. state of Maryland. With a population of 585,708 at the 2020 census and estimated at 568,271 in 2024, it is the 30th-most populous U.S. city. The Baltimore metropolitan area is the 20th-large ...
,
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, and Wilmington


EnTrust Global

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,
Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...
,
Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...
,
London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
,
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,
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, and
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QS Investors

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RARE Infrastructure

*Year Founded: 2006 *Year Acquired: 2015 *Location:
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,
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; office in
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*Year Founded: 1972 *Year Acquired: 2001 *Location: New York


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*Year Founded: 1971 *Year Acquired: 1986 *Location: Headquartered in
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; offices in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
,
London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
,
Hong Kong Hong Kong)., Legally Hong Kong, China in international treaties and organizations. is a special administrative region of China. With 7.5 million residents in a territory, Hong Kong is the fourth most densely populated region in the wor ...
,
Melbourne Melbourne ( , ; Boonwurrung language, Boonwurrung/ or ) is the List of Australian capital cities, capital and List of cities in Australia by population, most populous city of the States and territories of Australia, Australian state of Victori ...
,
São Paulo São Paulo (; ; Portuguese for 'Paul the Apostle, Saint Paul') is the capital of the São Paulo (state), state of São Paulo, as well as the List of cities in Brazil by population, most populous city in Brazil, the List of largest cities in the ...
,
Singapore Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...
,
Dubai Dubai (Help:IPA/English, /duːˈbaɪ/ Help:Pronunciation respelling key, ''doo-BYE''; Modern Standard Arabic, Modern Standard Arabic: ; Emirati Arabic, Emirati Arabic: , Romanization of Arabic, romanized: Help:IPA/English, /diˈbej/) is the Lis ...
, and
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Former offices

File:Legg Mason Building.jpg, 100 Light Street File:Former Legg Mason Building.jpg, Pratt Street File:Old Legg Mason Building 2.jpg, Redwood Street File:Legg mason tower.jpg, 100 International Drive -
Legg Mason Tower Legg Mason Tower is a 24-story glass high-rise located at 100 International Drive in Baltimore's Harbor East development. Completed in May 2009, the waterfront skyscraper was developed by Harbor East Development Group, and reaches a height ...


References


External links

{{authority control 1899 establishments in Maryland 1980s initial public offerings 2020 disestablishments in Maryland 2020 mergers and acquisitions Companies formerly listed on the New York Stock Exchange Defunct companies based in Baltimore Financial services companies based in Maryland Financial services companies disestablished in 2020 Financial services companies established in 1899 Investment management companies of the United States Asset management companies