Guided by a mission of Investing to Improve Lives™, Legg Mason helps investors globally achieve better financial outcomes by expanding choice across investment strategies, vehicles and investor access through independent investment managers with diverse expertise in equity, fixed income, alternative and liquidity investments. Found inside – Page 231... Malcolm, 132 Leadership, 167, 220, 227 Legg Mason Wood Walker Inc., 217 Leveraged buyouts, 126 Liabilities, 126, ... 31-39 selection process, 30 Pascale, Richard, 14, 18 Passive investor relations, 16 ownership, 17 Pattarozzi, ... Corporate Presentation 1.1 MB. Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton. New York, March 18, 2016 -- Moody's Investors Service has assigned a Baa1 rating to Legg Mason, Inc.'s ("Legg Mason") new issuance of $450 million senior notes due 2026 (the "2026 Notes"). Various forward-looking statements in this presentation relate to the acquisition by Franklin Resources, Inc. (“Franklin”) of Legg Mason, Inc. (“Legg Mason”), including regarding expected scale opportunities, operating efficiencies and results, growth, client and stockholder benefits, key assumpt ions, timing of closing of the transaction, The new headquarters for Legg Mason, a global asset management firm, is a 25-story LEED (Leadership in Energy & Environmental Design) building comprised of 587,000 square feet of Class A office space. Our clients will benefit from a shared vision, strong client-focused cultures, distinct investment capabilities and a broad distribution footprint in this powerful combination.”, Carol Anthony "John" Davidson, lead independent director of Legg Mason, said, “Today’s announcement marks the beginning of an exciting next chapter for Legg Mason, our investment affiliates and valued clients, who will benefit from a leading global asset manager with the scale to compete and win in today’s markets. Important transaction-related and other risk factors that may cause such differences include: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (ii) the transaction closing conditions may not be satisfied in a timely manner or at all, including due to the failure to obtain Legg Mason stockholder approval and regulatory and client approvals; (iii) the announcement and pendency of the merger may disrupt Franklin’s and Legg Mason’s business operations (including the threatened or actual loss of employees, clients or suppliers); (iv) Franklin or Legg Mason could experience financial or other setbacks if the transaction encounters unanticipated problems; (v) anticipated benefits of the transaction, including the realization of revenue, accretion, financial benefits or returns and expense and other synergies, may not be fully realized or may take longer to realize than expected; and (vi) Franklin may be unable to successfully integrate Legg Mason’s businesses with those of Franklin or to integrate the businesses within the anticipated timeframe. View source version on businesswire.com: The year after it created the Legg Mason Fund Adviser, Inc., formed in 1982 to manage the retail funds of its growing family of subsidiaries, Legg Mason went public and was listed on the New York Stock Exchange. We see them around but we don't know what goes on behind the scenes. In our view, it offers an attractive valuation for Legg Mason’s shareholders. Read full article. Powering Infrastructure Income. Found inside – Page 14296... Janet M. Turner , Vice President , Investor Relations , PLM International , Inc. , dated April 14 , 1998 ( " PLM Letter ... 1998 ( “ PERA Letter " ) ; D. Stuart Bowers , Senior Vice President , Legg Mason Wood Walker , Incorporated ... As with any acquisition, the pending integration of Legg Mason’s parent company into Franklin Templeton’s, including the global distribution operations at the parent company level, will take time and only commence after careful and deliberate consideration. The latter was turned over to Western Asset and renamed Western Asset Global Management. Description: Legg Mason combines its passion for active management with the distinct capabilities of seven industry-leading investment firms to help achieve the long-term financial goals of individual and institutional investors worldwide. Franklin Templeton will also assume approximately $2 billion in Legg Mason’s outstanding debt. About Legg MasonGuided by a mission of Investing to Improve Lives™, Legg Mason helps investors globally achieve better financial outcomes by expanding choice across investment strategies, vehicles and investor access through independent investment managers with diverse expertise in equity, fixed income, alternative and liquidity investments. Legg Mason Funds (800) 822-5544. In this updated second edition, well-known investment author Hagstrom explores basic and fundamental investing concepts in a range of fields outside of economics, including physics, biology, sociology, psychology, philosophy, and literature ... This release contains forward-looking statements subject to risks, uncertainties and other factors that may cause actual results to differ materially. Mr. Magleby, you may begin. Percent Acquired (%) 100.00: Purchase Method: Purchase: Merger of Equals? Thank you, Richard. Found inside – Page 4718( loss ) fr invest tran dr1,063,602 dr1,063,602 Inc. , and Legg Mason Wood Walker , Inc. AUTH - Unlimited shs . ... B. Evans William L. Kissick Investor relations Thomas E. Leafstrand Sheila W. Wellington 1998 17,766 24,075 1999 exp . Despite such occasional problems, Legg Mason has had a history of solid investments in its growth and has gained a reputation for stability in a volatile industry. Found inside – Page 8When asked to comment on the poor record of some forecasters, Raymond DeVoe Jr. of Legg Mason Wood Walker Inc. observed that "most analysts depend upon ... Everybody talks to the investor relations guy, who feeds them the same numbers. The franchise value approach is original and insightful, and with this book, readers can begin to implement this approach to perform better equity valuations. Legg Mason distributes its products through various financial intermediaries. We will also expand our multi-asset solutions, a key growth area for the firm amid increasing client demand for comprehensive, outcome-oriented investment solutions. The company did so in 1981, forming Legg Mason, Inc. All the firms owned by Legg Mason Wood Walker, and the parent company itself, were at that time placed under the Legg Mason corporate umbrella. ©2021 Franklin Distributors, LLC. Legg Mason Partners Fund Advisor, LLC Announces Distributions for Certain Closed End Funds Pursuant to their Managed Distribution Policy. Legg Mason, headquartered in Baltimore, Maryland, and established in 1899, is an asset management firm. The analyst increased Legg Mason's price target to $50 from $47, writing that the target represents the acquisition price from the announced deal. Still, it was through diversification that Legg Mason gained its solid performance record and continued growth. Alan Magleby-- Head of Investor Relations. ©2021 Franklin Distributors, LLC. Legg Mason, Inc. and its affiliates do not engage in selling shares of the funds (except for Permal Hedge Strategies Fund). Product and other information found previously on leggmason.com can now be found on our combined website. ... the completion of our landmark acquisition of Legg Mason on July 31, 2020. In 1992 the company underwrote 263 municipal bond issues with a value of $11.7 billion. Continued Growth and Diversification: 1990-2000. Over the 13-year period from 1970 to 1983, when the Legg Mason holding company went public, the firm acquired six brokerages, significantly increasing its volume. By broadening the scope of its services, especially by moving more deeply into asset management, Legg Mason was able to log impressive gains. Purchase Method. Found insideMAUSHAMMER , ROBERT JOSEPH . Investor relations . PRACTISING LAW INSTITUTE , NEW YORK . Investors analyses of life , fire and casualty insurance companies . LEGG , MASON & CO . , INC . Iowa . BOBBS - MERRILL CO . , INC . IOWA . Investor Relations Stock Analyst Update ... or $50 per share of Legg Mason common stock, we think the deal (which represents a more than 25% … Corporate Communications: US CORE STRATEGY. Privacy Policy. Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. Guided by a mission of Investing to Improve Lives, TM Legg Mason helps investors globally achieve better financial outcomes by expanding choice across investment strategies, vehicles and investor access through independent investment managers with diverse expertise in equity, fixed income, alternative and liquidity investments. This transaction is expected to generate upper twenties percentage GAAP EPS accretion in Fiscal 2021 (based on street consensus earnings estimates for each company), excluding one-time charges, non-recurring and acquisition related expenses. This comprehensive guide will keep you up to date on ETF developments as the area of law grows through the years. The eBook versions of this title feature links to Lexis Advance for further legal research options. learn how over 7,000 companies got started! I believe it will also enable Legg Mason’s investment affiliates to remain at the forefront of an industry where scale is increasingly vital to success and to join Franklin Templeton, an organization that I have deep respect for and confidence in.”. Through specialized teams, the Company has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset solutions. The combined footprint of the organization will significantly deepen Franklin Templeton’s presence in key geographies and create an expansive investment platform that is well balanced between institutional and retail client AUM. Private Securities Litigation Reform Act of 1995. Under Legg's leadership, the firm prospered in the post-World War II boom and was in a favorable position to enter the new partnership with Chip Mason's company. Found inside – Page 420... England CHARTERHOUSE COMMUNICATIONS PLC The Investors Partnership Research Ltd , England STA HOLDINGS LTD Investors Savings Trust Ltd , England LEGG MASON INC , Usa Investotel Ltd , England HARVEY SHOPFITTERS LTD Investrack Ltd ... You will now be redirected to franklintempleton.com. Traverses the disciplines of finance, psychology, physics, biology, and philosophy to provide a greater understanding of investing. With $200,000 borrowed from local businesses and the help of close college friends, most of whom were his Sigma Alpha Epsilon fraternity brothers, Mason was able to open his own company. The following information was filed by Legg Mason, Inc. (LM) on Wednesday, April 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. Legg Mason, Baltimore, Maryland Commercial LEED Building - Mechanical, HVAC & Plumbing Services . Legg Mason Inc. acquired Berkshire Asset Management Inc. for $18.0M in cash. ... Email to Legg Mason Funds Investor Services. Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of the U.S. We offer custom solutions, collective investments and locally registered funds in many jurisdictions around the world through our affiliated companies. The majority of these savings are expected to be realized within a year, following the close of the transaction, with the remaining synergies being realized over the next one to two years. Jessica Meyer is Former Investor Relations at Legg Mason Capital Management. Tricia Ross. Among his friends was James Brinkley, who would later run Legg Mason's expansive retail brokerage operation. Member FINRA/SIPC, Franklin Templeton to Acquire Legg Mason, Creating $1.5 Trillion AUM Global Investment Manager, https://www.businesswire.com/news/home/20200218005552/en/. In 1993, for example, its debt was only 36 percent of its capital, whereas that of Merrill Lynch was 68 percent. “A significant amount of work has gone into preparing us for this exciting firm combination over the past five months, all during an unprecedented pandemic with nearly everyone involved working remotely. Weil, Gotshal & Manges LLP served as lead counsel to Legg Mason and Skadden, Arps, Slate, Meagher & Flom LLP served as special counsel to Legg Mason. LEGG MASON, INC. Franklin Templeton Funds (800) 632-2301. Fact Sheet 206.7 KB. Ms. Schwartz began her career in Legg Mason’s investment banking group and was part of the financial management rotational program at Citigroup. Finally, we can read about how these great companies came about with Company Histories.. Stock Information. American Century, Legg Mason Funds, Invesco and Pioneer mutual fund investments through PFS Investments Inc. * From 7 August 2021, Legg Mason Funds ICVC changed its name to Franklin Templeton Funds II. After submitting your request, you will receive an activation email to the requested email address. After careful consideration, EnTrust Global, a Legg Mason affiliate that provides alternative investment solutions, and Franklin Templeton, jointly agreed that it was in their best interest that EnTrust repurchase its business, which will be acquired by its management at closing. Western Asset expects global growth to decelerate from its cyclically driven high as we move into next year. Baltimore, Maryland - April 29, 2020 - Legg Mason, Inc. (NYSE: LM) today reported its operating results for the fourth fiscal quarter and the fiscal year ended March 31, 2020. (2) See "Use of Supplemental Non-GAAP Financial Information". Mary Athridge, 212-805-6035, [email protected]. Mark Fetting – Chairman, CEO. This month's AUM included long-term net inflows of $0.4 billion, driven by fixed income and alternative net inflows of … 33. Encouraged by its performance, Legg Mason thereafter inaugurated two additional mutual funds. Willkie Farr & Gallagher LLP acted as external legal counsel. Moody's Investors Service, ("Moody's") has affirmed Franklin Resources, Inc.'s ("Franklin", NYSE: BEN) A2 senior unsecured debt rating following the conclusion of its acquisition of Legg Mason. 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. In addition, the combined platform creates a strong separately managed account business. Investor Relations Investor Relations Fact Sheet. Newly-named Legg Mason Inc chief executive Joseph Sullivan on Wednesday vowed to staunch the outflow of investor money from its funds and to renew relations with its investment units - … Establishes Franklin Templeton as One of the World’s Largest Independent, Specialized Global Investment Managers, Combined Company to Offer Complementary Investment Strategies to More Clients in More Places. Customer Service Center 1‐800‐544‐5445. Legg Mason’s investment affiliates operate with investment independence and have specialized expertise across asset classes and markets around the globe. Found inside – Page 235... Legg Mason Wood Walker , Incorporated , to Secretary , SEC , dated January 31 , 1997 ( “ Legg Mason Letter ” ) ; Sophia ... 1997 ( " Orphan Medical Letter " ) ; Nancy R. Kyle , Director , Investor Relations , PepBoys , to Secretary ... In addition, the proxy statement and our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934 are or will be available free of charge through our website at www.leggmason.com as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. The newly-combined organization establishes Franklin Templeton as one of the world’s largest independent, specialized global investment managers with a combined $1.4 trillion in assets under management (AUM) across one of the broadest ranges of high-quality investment teams in the industry. Franklin Resources, Inc. In that year it continued its acquisitions, buying Horsham, a Pennsylvania-based Fairfield Group, and in the next year, Gray, Siefert & Co., a New York-based, high-net-worth money manager. Franklin Templeton has spent significant time with the affiliates and there is strong alignment among all parties in this transaction and shared excitement about the future of the company. It also had drawn the attention of Legg & Co., which was looking to expand into the South, and the two firms negotiated a merger to establish Legg Mason Co. As was previously announced, on February 18, 2020, Franklin Resources, Inc. (“Franklin Resources”) and Legg Mason, Inc. (“Legg Mason”) announced that they have entered into a definitive agreement for Franklin Resources to acquire Legg Mason in an all-cash transaction. On behalf of Legg Mason, I would like to welcome you to our conference call to discuss operating results for the fiscal 2019 fourth quarter and the fiscal year ended March 31, 2019. Jenny Johnson added, “This transaction gives us significant scale, addresses strategic gaps and brings greater balance to our business, while positioning us for accelerated growth in the future. Found inside – Page 164David Pick, an analyst at Legg Mason Wood Walker Inc., said investors were being misled by the company and ... providing the best measure of recurring income,” said David Tripp, a Rouse vice president and director of investor relations. Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton in over 165 countries. When Legg Mason bought it, the company's sole proprietor, Dean LeBaron, and his staff were offered earn-out incentives if they could meet certain revenue targets over a three-year period. It is one of the most successful financial service holding companies in the United States and one of the few to remain independent through the 1990s, when many regional brokerages were absorbed by finance service industry giants. This transaction is designed to preserve the Company’s financial strength and stability with modest leverage, significant liquidity and strong cash flow to provide ongoing flexibility to invest in further growth and innovation. Headquarters: 100 International Dr, Baltimore, Maryland, 21202, United States. Royce Funds (800) 841-1180. Franklin Resources Inc. and Legg Mason Inc. are banding together to combat the squeeze that index-tracking funds have put on their businesses. westernassetfunds.com. Charles "C.J." Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Stockholder Services. Percent Acquired (%) 100.00. Legg Mason's Miller sticks to his guns ... Jeremy Grantham, Bill Miller and Donald Yacktman told mutual-fund investors that 2010 was the year … For this edition, Mauboussin includes fresh thoughts on human cognition, management assessment, game theory, the role of intuition, and the mechanisms driving the market's mood swings, and explains what these topics tell us about smart ... Additional Information and Where to Find It. Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Among other services, these and other companies owned by Legg Mason broker securities; manage assets; offer investment advising; broker public and corporate finance, insurance, and annuity product sales and purchases; and provide mortgage banking services for commercial interests. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Member FINRA/SIPC. This filing may be deemed solicitation material in respect of the proposed acquisition of Legg Mason by Franklin. By 1993, Legg Mason had 870 brokers in 83 offices, primarily located in middle-Atlantic and southern states. Inc. Investor Relations: Alan Magleby, 410-454-5246, afmagleby@leggmason.com Corporate Communications: Mary Athridge, 212-805-6035, mkathridge@leggmason.com FOR IMMEDIATE RELEASE Franklin Templeton to Acquire Legg Mason, Creating $1.5 Trillion AUM Global Investment Manager Combined Company to Offer Complementary Investment Strategies In 1959, after graduating from the College of William and Mary, he entered that family business as a trainee, but, anxious to start up his own firm, he left after two years. A year later it also bought Cincinnati-based Bartlett & Co., a domestic equity manager, and Lehman Brothers Global Asset Management's London-based international fund management branch. Related Links. Investor Relations ETF News Legg Mason Wins Approval to Launch Actively Managed ETFs Van Eck draws up plans for a hedged junk-bond ETF, and Barclays pulls the plug on … Legg Mason, Inc. (NYSE:LM) F1Q10 Earnings Call July 20, 2009 5:00 PM ET Executives. “We’re extremely excited to announce the close of our Legg Mason acquisition, representing the largest and most significant transaction in Franklin Templeton’s history,” said Jenny Johnson, President and CEO of Franklin Templeton. It was Legg, a solidly capitalized, long-established company, that was the surviving successor to Mackubin & Goodrich, a firm with business roots set down in Baltimore in 1899. BALTIMORE, Md., June 9, 2020 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) reported preliminary assets under management (AUM) of $780.2 billion as of May 31, 2020. Newly named Legg Mason Inc Chief Executive Joseph Sullivan on Wednesday vowed to reinvigorate the Baltimore-based asset manager and stanch the outflow of … Franklin Resources, Inc. Investor Relations: Brian Sevilla (650) 312-4091 Media Relations: Matt Walsh (650) 312-2245 investors.franklinresources.com Then in the aftermath of the 1929 stock market debacle, when the partners had to keep the firm solvent by selling off their own stock. Franklin Distributors, LLC. Following the closing of the transaction, Jenny Johnson will continue to serve as president and CEO, and Greg Johnson will continue to serve as executive chairman of the Board of Franklin Resources, Inc. In addition, Legg Mason subsidiaries took some bottom line setbacks in 1988 when post-Black Monday uncertainties depressed brokerage commissions by 13 percent. Yelp is a fun and easy way to find, recommend and talk about what’s great and not so great in Los Angeles and beyond. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. Alan Magleby - Investor Relations. Recent press releases for our US business and closed-end funds can be viewed by tab below and accessed by year using the drop down menu. For more information, please visit investors.franklinresources.com. As consumers, we often take for granted all the hard work that goes into building a great company. (Chip) Mason, when, in 1981, it was incorporated as a holding company to manage a group of subsidiaries that had evolved through an intricate history of growth and changes in firm partnerships. Global Growth Expected to Decelerate in 2022. Combined Company to Offer Complementary Investment Strategies Legg Mason Investor Services LLC, is a wholly-owned subsidiary of Franklin Resources, Inc. This content is not approved for use by Primerica Representatives. For more information, please contact your Legg Mason Investor Services Representative or the Legg Mason Investor Services Sales Desk at 1-800-221-3627. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the stockholders of Legg Mason in connection with the proposed merger will be set forth in the proxy statement and the other relevant documents to be filed with the SEC. Legg Mason & Co., LLC Brenda Grandell Director, Closed-End Funds 212-291-3775 or Media Relations: Legg Mason & Co., LLC Mary Athridge Media Relations 212-559-0104 Contacts This transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals and approval by Legg Mason’s shareholders, and is expected to close no later than the third calendar quarter of 2020. Contacts. The acquisition of Legg Mason and its multiple investment affiliates, which collectively manage over $806 billion in assets as of January 31, 2020, will establish Franklin Templeton as one of the world’s largest independent, specialized global investment managers with a combined $1.5 trillion in assets under management (AUM) across one of the broadest ranges of high-quality investment teams in the industry. By 1970, Mason & Co., with 60 brokers, was operating six offices, including four branch offices in Virginia and Washington, D.C. When used in this press release, words or phrases generally written in the future tense and/or preceded by words such as “will,” “may,” “could,” “expect,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “preliminary” or other similar words are forward-looking statements.
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