Legg reports rise in assets amid reports of buyout interest
Posted: 9:27 am Fri, January 11, 2013
Legg Mason, Inc. reported preliminary assets under management on Friday of $648 billion as of Dec. 31, 2012, up from $627 billion at the end of 2011. The Baltimore-based asset manager said the fixed-income portion of its assets under management included a $2.4 billion redemption from a large state pension client, but did not say which state.
Reuters reported yesterday that three sources had confirmed that Legg Mason has been approached in recent months by some of its senior managers and private equity firms with plans to take the company private, but that the board has decided against exploring that option at least until the company has a new chief executive. Mark Fetting stepped down as CEO Oct. 1 amid criticism of the company’s performance, including redemptions. Michael Mauboussin, a high-profile investment strategist, left Jan. 2.