Legg Mason

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For the tennis competition formerly sponsored by the company, see Citi Open.
Legg Mason
Traded as NYSELM
Industry Asset management
Founded 1899
Headquarters Baltimore, United States
Key people
Joseph Sullivan,
President & Chief Executive Officer
Peter "Pete" H. Nachtwey,
Chief Financial Officer
Terence Johnson,
Head of Global Distribution
Jennifer Murphy,
Chief Administrative Officer
Thomas Merchant,
General Counsel
Thomas K. Hoops, Head of Business Development
Products Asset Management
AUM US$708 billion (as of 30 September 2014)
Number of employees
Website leggmason.com
Legg Mason Headquarters in Baltimore

Legg Mason, Inc. (NYSELM) is an American-based global investment management firm with a focus on asset management. Legg Mason offers products in equities and fixed income, as well as domestic and international liquidity management and alternative investments (via a funds-of-hedge-funds manager).

Founded in 1899 as a brokerage firm in Baltimore, Maryland, Legg Mason has since become the 20th largest asset manager in the world, serving individual and institutional investors on six continents. As of September 30, 2014, Legg Mason's assets under management aggregated to $708 billion.[1]

Legg Mason operates using a multi-manager business model: each of the company’s subsidiaries, which form a diverse group of asset managers, specializes in a segment of the asset management industry and operates with investment autonomy.[2] Legg Mason provides global distribution and invests in growth through core strategic services including capital allocation for product development, investing in our existing affiliates and making new acquisitions.



Legg Mason's roots can be traced to the founding of two brokerage firms: the first, Mackubin & Company (later Legg & Company), was founded in Baltimore by George Mackubin in 1899. The second, Mason & Company, was founded in Newport News, Virginia, by Raymond A. Mason in 1962. In 1970, the two firms merged to become Legg Mason & Company, basing its headquarters in Baltimore.


  • 1899: George Mackubin & Co., predecessor to Legg & Co.,is founded in Baltimore, Maryland.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 casialty insurance industry.
  • 1962: Brokerage firm Mason & Co. is founded by Raymond A. “Chip” Mason in Newport News, Virginia
  • 1967: Mason & Co., with over 80 employees in 4 offices, becomes one of three largest of 15 Virginia-based brokerage firms
  • 1970: Mason & Co. is acquired by Legg & Co to form Legg Mason & Co., Inc, with headquarters in Baltimore, Maryland
  • 1975: Raymond A. Mason becomes Chairman and CEO of Legg Mason & Co., Inc, adding to his existing role as President
  • 1982: Legg Mason Fund Adviser, Inc. is established to manage the company’s flagship fund, Legg Mason Value Trust
  • 1983: Legg Mason, Inc. becomes a publicly traded company, with its stock (symbol: LM) listed on the New York Stock Exchange
  • 2005: Legg Mason completes a transaction with Citigroup, transferring its Private Client and Capital Markets business in exchange for Citigroup’s asset management business and turning Legg Mason into a pure asset management firm.
  • 2008: Mark R. Fetting becomes CEO of the company, succeeding Raymond A. "Chip" Mason
  • 2009: Legg Mason celebrates 110 years in business
  • 2013: Joseph A. Sullivan becomes CEO of the company


  • Joseph Sullivan, President and Chief Executive Officer
  • Peter "Pete" H. Nachtwey, Chief Financial Officer
  • Terence Johnson, Head of Global Distribution
  • Jennifer Murphy, Chief Administrative Officer
  • Thomas Merchant, General Counsel
  • Thomas K. Hoops, Head of Business Development

Business overview[edit]

Legg Mason acts through its subsidiaries to provide investment management and related services to its clients, which include institutions as well as individuals. Under the company's multi-manager model, each subsidiary operates with investment autonomy, following its own investment philosophy and implementing its own process.

List of Principal Subsidiaries[edit]

Western Asset Management[edit]

  • Year Founded: 1971
  • Year Acquired: 1986
  • Location: Headquartered in Pasadena, California; offices in New York, London, Hong Kong, Melbourne, São Paulo, Singapore, Dubai and Tokyo

ClearBridge Investments[edit]

  • Year Founded: 2005 (predecessor firms date to 1962)
  • Location: Headquartered in New York; offices in Baltimore, San Francisco and Wilmington

The Permal Group[edit]

  • Year Founded: 1973
  • Location: Headquartered in London and New York; offices in Paris, Dubai, Hong Kong, Nassau, Singapore, Boston and Shanghai

Brandywine Global[edit]

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

Royce & Associates[edit]

  • Year Founded: 1972
  • Year Acquired: 2001
  • Location: New York

QS Investors[edit]

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

Corporate citizenship[edit]

Legg Mason has a corporate citizenship program with programs focusing on philanthropy, environment, community, diversity, and inclusion. It also allows clients the opportunity to customize their portfolios in order to reflect their environmental, social, and governance values.[1]


Legg Mason supports community efforts philanthropically through its Legg Mason Charitable Foundation. The firm supports programs in Education, Health and Human Services, Civic/Community Development, and the Environment. Some examples include:

Interior of the Enoch Pratt Free Library


Legg Mason promotes several corporate volunteerism programs throughout the year, encouraging its associates to lend their time and talent. These community programs include:

  • Days of Caring - Legg Mason’s longest running volunteer program, Days of Caring is a series of community-based volunteer opportunities at places such as food banks, eldercare facilities, parks, and nature care facilities.
  • Holiday Outreach – This annual initiative occurs in November/December and encompasses such activities as providing for families in need for the holiday season and participating in food collection drives.
  • Earth Days – This Spring event gives employees the opportunity to volunteer together to clean up, protect, and beautify the environment.

Legg Mason employees also participate in various community events throughout the year, such as the Komen Race for the Cure, the JPMorganChase Run/Walk in Central Park, and Dragon Boat races in Baltimore, among others.


In addition to providing its employees with environment-related volunteering opportunities, Legg Mason also implements several corporate ESG initiatives, such as:

  • Becoming a signatory member of the Carbon Disclosure Project and participating in its annual survey.
  • Producing its annual sustainability report (December 2010) based on the Global Reporting Initiative.[3]
  • Legg Mason's headquarters in Baltimore was developed to achieve LEED certification. In 2010, the Legg Mason Tower achieved LEED Certified Gold for the space it occupies in Harbor East.

Diversity and inclusion[edit]

An equal opportunity employer, Legg Mason is committed to providing a diverse and inclusive culture. The firm promotes a diverse culture through recruitment and retention programs, as well as ongoing training and mentoring. Legg Mason also encourages diversity in its client relationships, in its industry, and in its community.

In addition, Legg Mason has an officer-led Diversity and Inclusion Leadership Council which “helps to foster a working environment that promotes respect and values acceptance of all regardless of race, gender, age, nationals origin, sexual orientation, religion, socio-economic status, education, job level, disability or marital status. The Council also helps to serve as a forum to share ideas and make recommendations to promote diversity within the firm.” [3]


Legg Mason's headquarters are located in the 100 International Drive building in Baltimore, Maryland, and were formerly located at 100 Light Street in Baltimore, Maryland.

For the current headquarters at 100 International Dr., see Legg Mason Tower.
For the 100 Light St. former headquarters, see Transamerica Tower (Baltimore).


External links[edit]