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Legg Mason

Legg Mason
Traded as NYSE: LM
Industry Asset management
Founded 1899
Headquarters Baltimore, United States
Key people
Joseph Sullivan,
President & Chief Executive Officer
Peter "Pete" H. Nachtwey,
Chief Financial Officer
Terence Johnson,
Head of Global Distribution
Ursula Schliessler,
Chief Administrative Officer
Thomas Merchant,
General Counsel
Thomas K. Hoops, Head of Business Development
Products Asset Management
AUM US$672 billion (as of 30 October 2015)
Number of employees
Legg Mason Headquarters in Baltimore

Legg Mason, Inc. (NYSE: LM) is an American-based global investment management firm with a focus on asset management. 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 20th largest asset manager in the world, serving individual and institutional investors on six continents. As of July 31, 2015, Legg Mason's assets under management aggregated to $696 billion.[1]

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.[2] 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.


  • History 1
    • Introduction 1.1
    • Timeline 1.2
  • Management 2
  • Business overview 3
    • List of Investment Affiliates 3.1
      • Brandywine Global 3.1.1
      • ClearBridge Investments 3.1.2
      • Martin Currie 3.1.3
      • The Permal Group 3.1.4
      • QS Investors 3.1.5
      • RARE Infrastructure 3.1.6
      • Royce & Associates 3.1.7
      • Western Asset Management 3.1.8
    • Environment 3.2
  • Headquarters 4
  • References 5
  • External links 6



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.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 casialty insurance industry.
  • 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. is acquired by Legg & Co to form Legg Mason & Co., Inc, with headquarters in 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
  • Ursula Schliessler, Chief Administrative Officer
  • Thomas Merchant, General Counsel
  • Thomas K. Hoops, Head of Business Development

Business overview

Legg Mason acts through its subsidiaries to provide investment management and related services to its clients, which include institutions as well as individuals. 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 Investment Affiliates

Brandywine Global

  • Year Founded: 1986
  • Year Acquired: 1997
  • Location: Headquartered in Philadelphia; offices in Chicago, San Francisco, Singapore, London

ClearBridge Investments

  • Year Founded: 2005 (predecessor firms date to 1962)
  • Year Acquired: 2005 (as Citigroup's asset management business)
  • Location: Headquartered in New York; offices in Baltimore, San Francisco and Wilmington

Martin Currie

  • Year Founded: 1881
  • Year Acquired: 2014
  • Location: Edinburgh, Scotland

The Permal Group

  • Year Founded: 1973
  • Year Acquired: 2005
  • Location: Headquartered in London and New York; offices in Paris, Dubai, Hong Kong, Nassau, Singapore, Boston and Shanghai

QS Investors

  • Year Founded: 1999
  • Year Acquired: 2014
  • Location: New York

RARE Infrastructure

  • Year Founded: 2006
  • Year Acquired: 2015
  • Location: Sydney, Australia

Royce & Associates

  • Year Founded: 1972
  • Year Acquired: 2001
  • Location: New York

Western Asset Management

  • 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


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 the Global Reporting Initiative.[4]
  • 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.


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.


  1. ^ "Legg Mason Corporate Overview"
  2. ^ "Legg Mason, 2012 10-K"
  3. ^ "Legg Mason Management Team". 
  4. ^ “Legg Mason, Inc. Sustainability Report”

External links

  • Legg Mason Official Website
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