Legg Mason was an American investment management and asset management firm headquartered in

Baltimore Baltimore ( , locally: or ) is the List of municipalities in Maryland, most populous city in the U.S. state of Maryland, fourth most populous city in the Mid-Atlantic (United States), Mid-Atlantic, and List of United States cities by popula ...

, founded in 1899 and acquired by

Franklin Templeton Investments Franklin Resources, Inc. is an American multinational holding company that, together with its subsidiaries, is referred to as Franklin Templeton; it is a global investment firm founded in New York City in 1947 as Franklin Distributors, Inc. It is ...

as of July 2020. 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.

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 stockbrokerage, 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 stockbrokerages. In 1970, Mason & Co. was acquired by Legg & Co., forming Legg Mason & Co., Inc., with headquarters in Baltimore, Maryland. 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 stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( ...

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 investme ...

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 of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed ...

, raising $14 million. In 1997, the company moved its headquarters to 100 Light Street in Baltimore. In July 2002, the company sold its stockbrokerage subsidiary to Raymond James Financial. 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. In 2006, fund manager Bill Miller's streak of beating the S&P 500 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

financial crisis of 2007-2008 Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...

, the company reported its first quarterly loss as a public company. In July 2009, the company moved its headquarters to Inner Harbor East, Baltimore. 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 Fund Management, an alternative investment management fund based in New Yor ...

joined the board of directors 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, 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,

acquired Legg Mason for $4.5 billion.

Investment affiliates

Brandywine Global

*Year Founded: 1986 *Year Acquired: 1997 *Location: Headquartered in

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; offices in

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

San Francisco San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...

, and

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

Clarion Partners

*Year Founded: 1982 *Year Acquired: 2016 *Location: Headquartered in

New York City New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...

; offices in

Atlanta Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,715 ...

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Dallas Dallas () is the List of municipalities in Texas, third largest city in Texas and the largest city in the Dallas–Fort Worth metroplex, the List of metropolitan statistical areas, fourth-largest metropolitan area in the United States at 7.5 ...

Los Angeles Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the List of municipalities in California, largest city in the U.S. state, state of California and the List of United States cities by population, sec ...

São Paulo São Paulo (, ; Portuguese for ' Saint Paul') is the most populous city in Brazil, and is the capital of the state of São Paulo, the most populous and wealthiest Brazilian state, located in the country's Southeast Region. Listed by the Ga ...

Seattle Seattle ( ) is a seaport city on the West Coast of the United States. It is the seat of King County, Washington. With a 2020 population of 737,015, it is the largest city in both the state of Washington and the Pacific Northwest regio ...

, and Washington, D.C.

ClearBridge Investments

*Year Founded: 2005 (predecessor firms date to 1962) *Year Acquired: 2005 (as Citigroup's asset management business) *Location: Headquartered in

; offices in

, and Wilmington

EnTrust Global

*Year Founded: 2016 (predecessor firms date back to 1997 and 1973) *Year Acquired: 2005 (as The Permal Group) *Location: Headquartered in New York; offices in

Beijing } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delta i ...

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, and Washington, D.C.

Martin Currie

*Year Founded: 1881 *Year Acquired: 2014 *Location:

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QS Investors

*Year Founded: 1999 *Year Acquired: 2014 *Location:

RARE Infrastructure

*Year Founded: 2006 *Year Acquired: 2015 *Location: Sydney, Australia; office in Stamford, Connecticut

Royce Investment Partners

*Year Founded: 1972 *Year Acquired: 2001 *Location: New York

Western Asset Management Company

*Year Founded: 1971 *Year Acquired: 1986 *Location: Headquartered in Pasadena, California; offices in

Melbourne Melbourne ( ; Boonwurrung/Woiwurrung: ''Narrm'' or ''Naarm'') is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in both Australia and Oceania. Its name generally refers to a met ...

Dubai Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...

, 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 of ...

References

External links

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