Highlights
Legg Mason is a global asset management firm based in Baltimore, Md., that handles mutual funds and supervises accounts for wealthy and large institutional investors. The company previously operated largely as a stock brokerage, but a series of acquisitions gradually shifted its focus toward asset management. In 2005, Legg Mason swapped holdings with Citigroup, completing its transition into an asset management firm and transforming Legg from a regional player into the fifth-largest money manager in the world. The company's global headquarters is located at the intersection of Charles and Lombard streets and has long been a prominent feature of Baltimore's skyline. But Legg Mason plans to re...
Legg Mason is a global asset management firm based in Baltimore, Md., that handles mutual funds and supervises accounts for wealthy and large institutional investors. The company previously operated largely as a stock brokerage, but a series of acquisitions gradually shifted its focus toward asset management. In 2005, Legg Mason swapped holdings with Citigroup, completing its transition into an asset management firm and transforming Legg from a regional player into the fifth-largest money manager in the world. The company's global headquarters is located at the intersection of Charles and Lombard streets and has long been a prominent feature of Baltimore's skyline. But Legg Mason plans to relocate to a new, 24-story office tower in Baltimore's Harbor East neighborhood in 2009. Founded in 1899, Legg Mason was listed fourth among Fortune magazine's most-admired securities companies in 2006. The company also serves as the title sponsor of the Legg Mason Tennis Classic, a professional men's tournament which is held each summer at the William H.G. FitzGerald Tennis Center in Washington, D.C. The event, which began in 1969, was won by Andy Roddick in 2007. Other past singles champions include Andre Agassi, Jimmy Connors, Arthur Ashe, Ivan Lendl and Michael Chang.
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A commission that will dole out lucrative slots licenses in Maryland will be headed by the leader of a business advocacy group chosen by Gov. Martin O'Malley after two prominent university leaders declined interest in the unpaid assignment, according to...Tags: Thomas V. Mike Miller, Martin O'Malley, University of Maryland, Referenda, Lobbying
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Legg Mason to cut work force
Baltimore Sun reporterBaltimore money manager Legg Mason Inc. announced this morning that it is cutting 8 percent of its corporate work force immediately because of the economic downturn. About 99 employees at its Light Street headquarters and Owings Mills office will be...Tags: Layoffs and Downsizing, Unemployment, AllianceBernstein Holding LP, Employees, Janus Capital Group Inc.
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Legg Mason to take $523 million charge in quarter
Baltimore's Legg Mason Inc. said late yesterday that it expects to take a $523 million charge in the quarter ending Dec. 31 to provide more support for four money market funds invested in troubled asset-backed securities. The money manager has stepped up...Tags: Bill Miller, Finance, Financial Markets, Mutual Funds
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Citigroup announces major jobs cut
McClatchy-TribuneIn the biggest round of layoffs seen to date in the battered U.S. financial sector, Citigroup Inc. said yesterday that it plans to cut about 50,000 additional jobs as part of an effort to stem huge losses sparked by bad investments and lending decisions....Tags: Layoffs and Downsizing, American Express Company, Citigroup Incorporated, Financial Services, Whirlpool Corporation
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Md. jobless rate reaches 12-year high
The economic crisis pushed Maryland's jobless rate to a 12-year high in October, the Labor Department said yesterday, but economists said even modest growth in the labor force kept unemployment from spiking further. Maryland's unemployment rate hit 5...Tags: Brunswick Corporation, Moody's Corporation, Economic Policy, Linthicum, Overlea
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Legg says it has capital to back money funds
Baltimore-based Legg Mason Inc. has enough capital to support its money funds after setting aside $2.7 billion to insulate investors against losses on mortgage-backed debt, Chief Executive Officer Mark Fetting said yesterday. "We feel strongly that with...Tags: New York
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Unemployment reaches highest level since 1994
The nation's unemployment rate climbed to a level not seen since 1994 as employers cut 240,000 more jobs last month, signaling that the economy is heading into further distress. The jobless rate rose to 6.5 percent from September's 6.1 percent, the Labor...Tags: Job Layoffs, Layoffs and Downsizing, Economic Policy, Public Employees, Petroleum Industry
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Legg Mason division to cut jobs by one-third
Legg Mason Inc. said yesterday that it will cut jobs at its Baltimore headquarters and money-management subsidiaries, starting with the dismissal today of about one-third of the employees at the division run by famed stock picker Bill Miller. Legg...Tags: Employers, Bill Miller, New York, Employees, Mortgages
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A penny can really cost you
Playboy Enterprises announced some rough financial results last week, and its stock fell 56 cents in a day. No big deal, right? What's a couple of quarters, a nickel and a penny in a wild market like this? Pennies mean a lot these days at a surprising...Tags: Brunswick Corporation, Playboy Enterprises, Inc., Douglas, Sales, Juniper Networks Incorporated
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Panel to recommend money-market changes
BOSTON An industry group said yesterday that it will recommend changes to money-market mutual funds, a $3.4 trillion industry trying to regain its footing after investors rapidly pulled out cash during September's volatile markets. The Washington-based...Tags: John Brennan, Charles Schwab, Financial Markets
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Breaking the logjam
Sun staff and news servicesFirst, it was the banks. Now the Federal Reserve has come to the aid of money-market funds as the government seeks to break the credit logjam that threatens the global economy. A week after the government announced it would spend $250 billion to buy...Tags: Finance, Credit and Debt, Mortgages, Personal Finance, Mutual Funds
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Another Fed rescue
From Sun staff and news servicesFirst, it was the banks. Now the Federal Reserve has come to the aid of money market funds as the government seeks to break the credit logjam that threatens the global economy. A week after the government announced it would spend $250 billion to buy...Tags: New York Times, Finance, Investments, Personal Finance, Stock Broking
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