||This article appears to be written like an advertisement. (November 2011)|
|Type||Public (NYSE: LM)|
|Headquarters||Baltimore, Maryland, United States|
|Key people||Joseph Sullivan,
President & Chief Executive Officer
Peter "Pete" H. Nachtwey,
Chief Financial Officer
Head of Global Distribution
Chief Administrative Officer
|AUM||US$665 billion (as of 31 March 2013)|
Legg Mason, Inc. (NYSE: LM) is an American-based global investment management firm with a focus on asset management. The company's business is divided in two divisions: Americas and International. 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 18th largest asset manager in the world, serving individual and institutional investors on six continents. As of March 31, 2013, Legg Mason's assets under management aggregated to $665 billion.
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. 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.
- 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. merges with Legg & Company to form Legg Mason & Co., Inc, moving headquarters to 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
Legg Mason acts through its subsidiaries to provide investment management and related services to its clients, which include institutions as well as individuals. The company divides its business into two divisions: Americas and International.
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
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- 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
- Year Founded: 1964
- Location: New York, San Francisco
- Year Founded: 1973
- Location: Headquartered in London and New York; offices in Paris, Dubai, Hong Kong, Nassau, Singapore, and Boston
- Year Founded: 1969
- Year Acquired: 1995
- Location: Boston
- Year Founded: 1986
- Location: Headquartered in Philadelphia; offices in Chicago, San Francisco, Singapore, London
- Year Founded: 2008
- Location: Headquartered in Wilmington, Delaware.
- Year Founded: 1982
- Location: Headquartered in Baltimore, Maryland
- Year Founded: 1986
- Location: Naples, Florida
- Year Founded: 1972
- Year Acquired: 2001
Legg Mason is committed to being a responsible global corporate citizen and views that commitment as a strategic priority. . In addition to providing clients with the opportunity to customize their portfolios to integrate their environmental, social, and governance concerns, Legg Mason affirms its commitment to corporate citizenship through programs focusing on: Philanthropy, Environment, Community, Diversity and Inclusion.
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:
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 Global Reporting Initiatives.
- 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
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.” 
Legg Mason Headquarters
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.