Legg Mason
Legg Mason was an American investment management and asset management firm headquartered in Baltimore, founded in 1899 and acquired by Franklin Templeton Investments 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 via an initial public offering on the New York Stock Exchange, 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, 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 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, Franklin Templeton Investments acquired Legg Mason for $4.5 billion.