Sad to report
Legg Mason is a diversified group of global asset management firms ('affiliates') who are recognized for their proven investment expertise and long-term performance.
Legg Mason has announced the acquisition of Martin Currie, an active international equity specialist based in the United Kingdom.
Legg Mason is firing 62 Batterymarch Financial Management employees as it combines the affiliate with QS Investors, the global quantitative equity firm it’s purchasing this year.
Legg Mason has announced a definitive agreement to acquire QS Investors, a leading customized solutions and global quantitative equities provider based in New York, with $4.1bn in assets under management and nearly $100bn in assets under advisory.
The Securities and Exchange Commission has announced sanctions against a California-based investment adviser for concealing investor losses that resulted from a coding error and engaging in cross trading that favoured some clients over others.
Legg Mason have announced the appointment of Thomas K. Hoops, an executive with significant leadership experience in the asset management industry, as Executive Vice President and Head of Business Development.
The Board of Directors of Legg Mason has announced that it has appointed Dennis M. Kass, an industry veteran, as non-executive Chairman of the Board.
Legg Mason has a new growth strategy after five years of investor redemptions: Acquisitions.
Legg Mason has announced a series of appointments to align its executive leadership team with the Company’s growth objectives.
The Board of Directors of Legg Mason has announced that it has appointed Joseph A. Sullivan President and Chief Executive Officer and a member of the Board of Directors, effective immediately.
Financial News reports that Goldman is to make another $1bn when its Japanese golf course operator, Accordia, floats. The listing, which will start trading on November 1st, will be Japan's second-largest float of the year.
The New York Post reports that John Paulson, the hedge fund manager who paid himself $3.7bn last year after that spectacular trade shorting the subprime market, lost some ground in July - although not much. The newspaper says that Paulson's six hedge funds fell about 3.7% over the month.
The Daily Telegraph reports that the US Federal Reserve has pledged $200bn of emergency funding to ease liquidity problems in the markets. The move is designed to help alleviate the problems caused because of the current reluctance of banks and other financial institutions to actually lend money to each other. Creditworthy borrowers will now be able to stand in line and tap the Fed for money instead (although, in the scheme of things, $200bn is actually not a lot).