Legg Mason Headquarters in Baltimore
|Defunct||July 31, 2020|
|Fate||Acquired by Franklin Templeton Investments|
|Headquarters||Baltimore, Maryland, U.S.|
|Joseph A. Sullivan (Chairman, President & CEO)|
|Revenue||$2.922 billion (2019)|
|$304 million (2019)|
|AUM||$730.8 billion (2019)|
|Total assets||$8.006 billion (2019)|
|Total equity||$3.792 billion (2019)|
Number of employees
|Footnotes / references|
Legg Mason, a division of Franklin Templeton Investments as of July 2020, was an American investment management and asset management firm headquartered in Baltimore. 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 million in liquidity assets.
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 1967, Mason & Co., with over 80 employees in 4 offices, became one of the largest Virginia-based stockbrokerages.
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 1997, the company moved its headquarters to 100 Light Street in Baltimore.
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 January 2008, Mark R. Fetting became CEO of the company, succeeding Raymond A. "Chip" Mason.
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.
- Year Founded: 1986
- Year Acquired: 1997
- Location: Headquartered in Philadelphia; offices in Chicago, San Francisco, Singapore, and London
- 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.
- 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
- 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.
- Year Founded: 1999
- Year Acquired: 2014
- Location: New York City
- Year Founded: 1972
- Year Acquired: 2001
- Location: New York
- 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
100 International Drive - Legg Mason Tower
- "Legg Mason, Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- "Franklin Templeton Completes Acquisition of Legg Mason". Business Wire.
- Cox, Rob (April 14, 2016). "The next big China buyer is …". CNBC. Reuters.
- 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.
- Sullivan, Joanna (February 18, 2020). "How did Legg Mason get here? A look back at the Baltimore firm's history". American City Business Journals.
- Haber, Gary (May 13, 2010). "Legg Mason job losses could surpass 350". American City Business Journals.
- Haber, Gary (February 13, 2013). "Legg Mason names Sullivan new CEO". American City Business Journals.
- Seltzer, Rick (January 22, 2016). "Legg Mason spends more than $1B on 3 deals with an eye toward diversification". American City Business Journals.
- Wilen, Holden (April 1, 2019). "Legg Mason ends all sports sponsorships — including with the Orioles". American City Business Journals.
- "Franklin Templeton Completes Acquisition of Legg Mason" (Press release). Business Wire. July 31, 2020.
- MIRABELLA, LORRAINE (July 31, 2020). "Franklin Templeton acquires Baltimore-based Legg Mason in $4.5 billion deal". The Baltimore Sun.