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Legg Mason 4th-Quarter Profit Down 62%; Stock, Bond Funds Lose $3 Billion

Legg Mason Inc. (LM) posted a 62% decline in fiscal fourth-quarter profit, hurt by costs to cut office space and capping a money-losing year for the Baltimore money manager.Investors withdrew $3 billion from the firm's stock and bonds funds. The outflows were less than some on Wall Street expected, however, and marked the smallest quarterly withdrawals from Legg Mason's long-term funds since 2007.Still, the persistent outflows came as stocks surged to record highs and investors flocked back to the market, underscoring the depth of challenges facing new Chief Executive Joseph Sullivan as the firm works to recover from years of underperformance."To be sure, less negative is still negative," Mr. Sullivan said on a conference call Tuesday. "However, the improvement of net flows is meaningful and encouraging."Mr. Sullivan--Legg Mason's former head of distribution--was named CEO in February after a months-long search that saw many industry executives who were approached for the job express n...

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  2. Legg Mason CFO says will report lease write-offs

    Legg Mason Inc Chief Financial Officer Peter Nachtwey said the company will report lease write-off charges in the current quarter of $45 million to $55 million. Nach...

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    Legg Mason Inc sees the new revenue share agreement that it established with its affiliate Permal as a "good framework to create a strong alignment for other affilia...

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    Legg Mason Inc reported a quarterly loss on Friday on charges for impaired assets and continued outflows from its equity and bond funds, and the asset manager said i...

  5. Legg Mason swings to loss on asset writedowns

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    Legg Mason Inc has been approached in recent months by some of its senior managers and private equity firms with plans to take the struggling asset manager private, ...

  10. Two insiders in the hunt for Legg Mason CEO title

    Two internal candidates have emerged in Legg Mason Inc's search for its next chief executive, said people familiar with the matter.Sales chief and interim chief exec...

  11. Strategist Mauboussin leaves Legg Mason

    High-profile investment strategist Michael Mauboussin has left his job at Legg Mason Inc, a company spokeswoman said on Friday, the latest turnover at the fund firm....

  12. GE hikes dividend by 12 percent, boosts stock buyback plan

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  1. Legg Mason Net Income Falls in 4Q

    Asset manager Legg Mason Inc on Tuesday said its profit fell sharply in the three months ended March 31, driven down by real estate losses.The results are the first ...

  2. Exclusive: Wells Fargo cuts approved list of money managers

    Wells Fargo & Co is slashing an approved list of money managers and investment vehicles that its stockbrokers market to the firm's wealthy clients, a change of direc...

  3. Legg Mason may cut funds, offices: CFO

    Legg Mason Inc may trim the number of funds it offers and offices it operates, but does not expect major cost-cutting like that begun in 2010, the asset manager's ch...

  4. Legg Mason CFO says firm may cut funds, offices

    Legg Mason Inc's chief financial officer said the Baltimore fund firm may trim the number of funds it offers, and the 32 offices it operates, but does not expect maj...

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    The seemingly-endless rise in college tuition along with the unstable economic recovery and stagnate wages has made the battle to save for college tough on families....

  6. Interim CEO Takes the Helm at Legg Mason

    Asset management firm Legg Mason (NYSE:LM) announced on Wednesday that interim chief executive Joseph Sullivan will serve as CEO, ending a search that began last yea...

  7. Exclusive: Legg Mason to name Sullivan permanent CEO - sources

    Asset manager Legg Mason Inc is preparing to name its interim head, Joseph Sullivan, as permanent chief executive, said two people familiar with the matter.Sullivan,...

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