Legg Mason

Template:Short description {{#invoke:Infobox|infobox}}Template:Template otherTemplate:Main other{{#invoke:Check for clobbered parameters|check|nested=1|template=Infobox company|cat=Template:Main other|name; company_name|logo; company_logo|logo_alt; alt|trade_name; trading_name|former_names; former_name|type; company_type|predecessors; predecessor|successors; successor|foundation; founded|founders; founder|defunct; dissolved|hq_location; location|hq_location_city; location_city|hq_location_country; location_country|num_locations; locations|areas_served; area_served|net_income; profit|net_income_year; profit_year|owners; owner |homepage; website }}{{#invoke:Check for unknown parameters|check|unknown=Template:Main other|preview=Page using Template:Infobox company with unknown parameter "_VALUE_" | ignoreblank=y | alt | area_served | areas_served | assets | assets_year | aum | brands | company_logo | company_name | company_type | defunct | dissolved | divisions | embed | equity | equity_year | fate | footnotes | headquarters | former_name | former_names | foundation | founded | founder | founders | genre | homepage | hq_location | hq_location_city | hq_location_country | incorporated | image | image_alt | image_caption | image_size | image_upright | income_year | industry | ISIN | key_people | location | location_city | location_country | locations | logo | logo_alt | logo_caption | logo_class | logo_size | logo_upright | members | members_year | module | name | native_name | native_name_lang | net_income | net_income_year | num_employees | num_employees_year | num_locations | num_locations_year | operating_income | owner | owners | parent | predecessor | predecessors | production | production_year | products | profit | profit_year | rating | ratio | revenue | revenue_year | romanized_name | services | subsid | subsidiaries | successor | successors | traded_as | trade_name | trading_name | type | website| qid | fetchwikidata | suppressfields | noicon | nocat | demo | categories }}

Legg Mason, Inc. 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref name=10K/>

History

Template:Prose 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.<ref>Template:Cite news</ref> 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.<ref name=suntime>Template:Cite news</ref>

In 1949, after the departure of Mackubin, John C. Legg Jr. named the company after himself.<ref name=suntime/>

In 1962, Mason & Co., a stock brokerage, was founded by Raymond A. "Chip" Mason in Newport News, Virginia.<ref name=suntime/><ref name=lookback>Template:Cite news</ref>

In 1967, Mason & Co., with over 80 employees in 4 offices, became one of the largest Virginia-based stock brokerages.

In 1970, Mason & Co. was acquired by Legg & Co., forming Legg Mason & Co., Inc., with headquarters in Baltimore, Maryland.<ref name=suntime/><ref name=lookback/> Legg & Co. was founded in 1962.<ref name= "Morning Call" >{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

In 1973 Legg Mason & Co. merged with New York securities broker Wood Walker. Wood Walker had been founded in 1869.<ref name= "Morning Call" />

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.<ref name=lookback/>

In 1983, the company became a public company via an initial public offering on the New York Stock Exchange, raising $14 million.<ref name=suntime/><ref name=lookback/>

In 1985 the company acquired the Pennsylvanian A.E. Masten & Co. Inc. and Howard Weil Financial Corp of Louisiana.<ref name= "Morning Call" />

In 1986 the company acquired brokerage house Warren York Inc. of Pennsylvania.<ref name= "Morning Call" />

In 1997, the company moved its headquarters to 100 Light Street in Baltimore.<ref name=suntime/>

In July 2002, the company sold its stock brokerage subsidiary to Raymond James Financial.<ref name=lookback/>

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.<ref name=lookback/>

In 2006, fund manager Bill Miller's streak of beating the S&P 500 15 years in a row ended.<ref name=suntime/>

In January 2008, Mark R. Fetting became CEO of the company, succeeding Raymond A. "Chip" Mason.<ref name=lookback/>

In May 2008, during the Great Recession, the company reported its first quarterly loss as a public company.<ref name=suntime/>

In July 2009, the company moved its headquarters to Inner Harbor East, Baltimore.<ref name=suntime/>

In October 2009, Nelson Peltz joined the board of directors of the company after acquiring a stake.<ref name=suntime/>

In May 2010, the company announced layoffs of as many as 350 people.<ref name=lookback/><ref>Template:Cite news</ref>

In February 2013, Joseph A. Sullivan became CEO of the company.<ref name=suntime/><ref>Template:Cite news</ref>

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.<ref name=suntime/><ref>Template:Cite news</ref>

In April 2019, the company ended all sports sponsorships to cut costs.<ref name=lookback/><ref>Template:Cite news</ref>

In July 2020, Franklin Templeton Investments acquired Legg Mason for $4.5 billion.<ref>Template:Cite press release</ref><ref>Template:Cite news</ref>

Investment affiliates

Brandywine Global

• Year Founded: 1986
• Year Acquired: 1997
• Location: Headquartered in Philadelphia; offices in Chicago, San Francisco, Singapore, and London

Clarion Partners

• Year Founded: 1982
• Year Acquired: 2016
• Location: Headquartered in New York City; offices in Baltimore, Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle, 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 New York City; offices in Baltimore, San Francisco, 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, Boston, Chicago, Hong Kong, London, Paris, Singapore, and Washington, D.C.

Martin Currie

• Year Founded: 1881
• Year Acquired: 2014
• Location: Edinburgh, Scotland

QS Investors

• Year Founded: 1999
• Year Acquired: 2014
• Location: New York City

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 New York City, London, Hong Kong, Melbourne, São Paulo, Singapore, Dubai, and Tokyo

Former offices

• 
  100 Light Street
• 
  Pratt Street
• 
  Redwood Street
• 
  100 International Drive - Legg Mason Tower