Fri, Jan. 22, 7:54 AM
- Adjusted income of $158.5M or $1.45 per share vs. $113.1M and $0.98 one year ago.
- AUM of $671.5B slips from $672.1B a quarter earlier despite $6.8B from the RARE Infrastructure purchase and $6.4B of positive market performance. There were liquidity outflows of $10.9B, long-term outflows of $2.4B, and $500M of in negative foreign exchange.
- In other company news, Legg Mason (NYSE:LM) agrees to combine Permal (its hedge fund platform) with EnTrust Capital - a hedge fund investor and alternative asset manager with about $12B in AUM.
- The company also gets into ETFs with the purchase of a minority stake in Precidian Investments.
- Finally, there's the purchase of a majority stake in Clarion Partners for $585M. Clarion is a real estate investor, managing about $40B.
- Conference call at 8:30 ET
- Previously: Legg Mason EPS of $1.45 (Jan. 22)
- LM flat premarket
Tue, Jan. 5, 2:42 AM
- Global asset manager Legg Mason (NYSE:LM) is in talks to buy a majority stake in real estate investment manager Clarion Partners in a transaction that would value the company at about $850M, Bloomberg reports.
- Under the terms being discussed, Legg Mason would buy 80% of the firm, while Clarion's current management would retain a 20% stake.
- A deal could be announced as early as this month.
Jun. 4, 2014, 7:19 AM
- Legg Mason Investment Counsel & Trust (LM) provides customized investment advisory and trust services to individuals and institutions, and has more than $9B in AUM. It will be integrated into Stifel's (SF) Global Wealth Management segment.
- Terms of the deal weren't announced and it's expected to close this fall.
- Legg Mason chief Joseph Sullivan: "This transaction continues to evolve our investment affiliate lineup toward fewer and larger firms that can be better leveraged through our global distribution platform."
- LM +7% premarket
Mar. 4, 2014, 9:25 AM
- Looking to boost its fortunes amid years of net redemptions from its funds, Legg Mason (LM) agrees to the purchase of global quantitative equity firm QS Investors. Based in New York, QS has $4.1B in AUM and nearly $100B in assets under advisory.
- Legg Mason's existing quantitative platform - Batterymarch Financial Management and Legg Mason Global Asset Allocation - will be integrated over time into QS.
- The deal is expected to close in FQ1 of fiscal 2015 and should be modestly accretive in year one. The company expects to incur restructuring and transition costs of about $35M. Terms of the deal were not disclosed.
Jan. 22, 2013, 3:19 PM
Something may be up with Legg Mason (LM +2.5%), speculates Susquehanna's Doug Sipkin, after the company confirms a $734M charge for asset write-downs and preps an exchange offer for certain of its notes. The firm has been a frequent focus of takeover talk. "While we remain bearish, we do acknowledge the odds of some sort of corporate action are increasing," says Sipkin.| Jan. 22, 2013, 3:19 PM
Jan. 10, 2013, 12:40 PM
Legg Mason (LM +5.7%) pops on a report it's been approached by some senior managers and P-E firms about a buyout. The board turned away the feelers at least until the company has a new CEO, according to sources. Privatizing the company is easier said then done thanks to the high level of firm debt compared to industry peers.| Jan. 10, 2013, 12:40 PM