Legg Mason

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 stock brokerage, 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 stock brokerages.

In 1970, Mason & Co. was acquired by Legg & Co., forming Legg Mason & Co., Inc., with headquarters in Baltimore, Maryland.

In 1973 Legg Mason & Co. merged with New York securities broker Wood Walker. Wood Walker had been founded in 1869.

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 1985 the company acquired the Pennsylvanian A.E. Masten & Co. Inc. and Howard Weil Financial Corp of Louisiana.

In 1986 the company acquired brokerage house Warren York Inc. of Pennsylvania.

In 1997, the company moved its headquarters to 100 Light Street in Baltimore.

In July 2002, the company sold its stock brokerage 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 Great Recession, 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.

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

File:Legg Mason Building.jpg|100 Light Street File:Former Legg Mason Building.jpg|Harborplace Office Tower - 200 E. Pratt Street and 111 S. Calvert Street File:Old Legg Mason Building 2.jpg|Redwood Street File:Legg mason tower.jpg|100 International Drive - Legg Mason Tower

References

References

1. "Legg Mason, Inc. 2019 Form 10-K Annual Report". [[U.S. Securities and Exchange Commission]].
2. (31 July 2020). "Franklin Templeton Completes Acquisition of Legg Mason". Business Wire.
3. Cox, Rob. (April 14, 2016). "The next big China buyer is …". [[CNBC]].
4. DANCE, SCOTT. (February 18, 2020). "Legg Mason timeline: From its founding at the turn of the 20th century to a dominant place in Baltimore's skyline". [[The Baltimore Sun]].
5. Sullivan, Joanna. (February 18, 2020). "How did Legg Mason get here? A look back at the Baltimore firm's history.". [[American City Business Journals]].
6. Haber, Gary. (May 13, 2010). "Legg Mason job losses could surpass 350". [[American City Business Journals]].
7. (July 31, 2020). "Franklin Templeton Completes Acquisition of Legg Mason". [[Business Wire]].
8. MIRABELLA, LORRAINE. (July 31, 2020). "Franklin Templeton acquires Baltimore-based Legg Mason in $4.5 billion deal". [[The Baltimore Sun]].