 | |
 Legg Mason Headquarters in Baltimore | |
| Industry | Investment management |
|---|---|
| Founded | 1899; 126 years ago (1899) |
| Defunct | July 31, 2020; 5 years ago (2020-07-31) |
| Fate | Acquired byFranklin Templeton Investments |
| Headquarters | Baltimore, Maryland, U.S. |
Key people | Joseph A. Sullivan (chairman, president & CEO) |
| Services | Asset management |
| Revenue |  $2.922 billion (2019) |
50,831,000 United States dollar (2015)  | |
| $304 million (2019) | |
| AUM |  $730.8 billion (2019) |
| Total assets | $8.006 billion (2019) |
| Total equity | $3.792 billion (2019) |
Number of employees | 3,059 (2020) |
| Footnotes / references [1] | |
Legg Mason, Inc. was an Americaninvestment management andasset management firm headquartered inBaltimore, founded in 1899 and acquired byFranklin Templeton Investments as of July 2020.[2] As of December 31, 2019, the company had $730.8 billion inassets 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.[1]
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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 theBaltimore Stock Exchange in 1899.[3] 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.[4]
In 1949, after the departure of Mackubin, John C. Legg Jr. named the company after himself.[4]
In 1962, Mason & Co., astock brokerage, was founded byRaymond A. "Chip" Mason in Newport News, Virginia.[4][5]
In 1967, Mason & Co., with over 80 employees in 4 offices, became one of the largest Virginia-basedstock brokerages.
In 1970, Mason & Co. was acquired by Legg & Co., forming Legg Mason & Co., Inc., with headquarters in Baltimore, Maryland.[4][5] Legg & Co. was founded in 1962.[6]
In 1973 Legg Mason & Co. merged with New York securities broker Wood Walker. Wood Walker had been founded in 1869.[6]
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.[5]
In 1983, the company became apublic company via aninitial public offering on theNew York Stock Exchange, raising $14 million.[4][5]
In 1985 the company acquired the Pennsylvanian A.E. Masten & Co. Inc. and Howard Weil Financial Corp of Louisiana.[6]
In 1986 the company acquired brokerage house Warren York Inc. of Pennsylvania.[6]
In 1997, the company moved its headquarters to 100 Light Street in Baltimore.[4]
In July 2002, the company sold itsstock brokerage subsidiary toRaymond James Financial.[5]
In 2005, the company transferred its Private Client and Capital Markets business toCitigroup 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.[5]
In 2006, fund managerBill Miller's streak of beating theS&P 500 15 years in a row ended.[4]
In January 2008, Mark R. Fetting became CEO of the company, succeeding Raymond A. "Chip" Mason.[5]
In May 2008, during theGreat Recession, the company reported its first quarterly loss as a public company.[4]
In July 2009, the company moved its headquarters toInner Harbor East, Baltimore.[4]
In October 2009,Nelson Peltz joined theboard of directors of the company after acquiring a stake.[4]
In May 2010, the company announced layoffs of as many as 350 people.[5][7]
In February 2013, Joseph A. Sullivan became CEO of the company.[4][8]
In 2016, the company acquired real estate investment firmClarion 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.[4][9]
In April 2019, the company ended all sports sponsorships to cut costs.[5][10]
In July 2020,Franklin Templeton Investments acquired Legg Mason for $4.5 billion.[11][12]
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