Fri, Jan. 30, 7:55 AM
- FQ3 adjusted net income of $113.1M or $0.98 per share vs. $124.6M and $1.03 one year ago.
- AUM of $709.1B up 4% Y/Y. Long-term net inflows of $8.8B during the quarter included fixed income inflows of $9.9B offset by equity outflows of $1.1B. Liquidity outflows of $10.6B.
- The board approves a new buyback program for up to $1B in stock, good for about 18.5M shares or 16% of the float at the current stock price.
- Percent of strategies beating the benchmark over 10-year period of 91%, 5-year 86%, 3-year 85%, 1-year 75%. Fixed income: 81% for 10-year, 75% 5-year, 75% 3-year, 77% 1-year. Equity: 66% 10-year, 52% 5-year. 56% 3-year. 53% 1-year.
- Conference call at 8 ET
- Previously: Legg Mason beats by $0.31, beats on revenue (Jan. 30)
- LM flat premarket
Fri, Jan. 30, 6:59 AM
Thu, Jan. 29, 5:30 PM
Tue, Jan. 13, 9:37 AM| Comment!
Tue, Jan. 13, 8:25 AM
Dec. 10, 2014, 11:23 AM
- Total end-of-November AUM of $707.4B vs. $719.5B in October, up from $679.5B at the start of the year.
- Equity AUM of $201.1B vs. $206.7B in October.
- Fixed income AUM of $367B vs. $368.5B in October and $360.4B in September (Bill Gross exited Pimco at the end of September).
- Source: Press Release
- LM -1.9%
Dec. 4, 2014, 10:19 AM
- In private-equity, Blackstone (BX +1.4%) and KKR & Co. (KKR +0.9%) post gains after being initiated with Overweight ratings, while Carlyle Group (CG -1%) and Oaktree Capital (OAK -0.5%) are started at Equal Weight.
- Moving onto traditional asset managers, Invesco (IVZ -0.5%) is rated Overweight, while T. Rowe Price (TROW -0.3%), Legg Mason (LM -1.5%), Franklin Resources (BEN -0.9%), and BlackRock (BLK -0.2%) are all started at Equal Weight.
Dec. 2, 2014, 7:34 AM
- Peltz has been a director for just over five years, presiding over senior management and board changes, big cost cuts, and more than $2B in capital returns to shareholders. His Trian fund continues to be an owner of 11.29% of Legg Mason's (NYSE:LM) shares. "We currently expect to remain an engaged shareholder for the foreseeable future."
- Source: Press release
Nov. 25, 2014, 5:03 PM
- Raising his earnings estimates for "the biggest beneficiaries," BlackRock (NYSE:BLK) and Legg Mason (NYSE:LM), Wells Fargo's Chris Harris, notes few assets followed Bill Gross to Janus (NYSE:JNS), but instead went to large fixed-income shops with strategies consistent with Gross' style.
- Harris says the 20%+ redemption rate for Gross' previously-managed funds is well below the 40-60% rate seen in cases of other high-profile PM departures, leading him to believe institutional withdrawals - slower to react - are likely to pick up. Competitors like BLK and LM are likely to see an incremental $80B of inflows over the next 8-10 months.
- Don't just focus on the Total Return Fund (MUTF:PTTAX), says Harris (it's lost $30B), noting $5B of redemptions at Pimco Low Duration (MUTF:PTLAX) and nearly $8B at Pimco Unconstrained Bond (MUTF:PUCPX).
Oct. 31, 2014, 8:56 AM
- FQ2 adjusted income of $40.6M or $0.35 per share vs. $107.2M and $0.91 in FQ1, $104.5M and $0.85 one year ago. A debt refinancing this quarter resulted in a $107.1M or $0.59 per share charge.
- Operating revenue of $703.9M up 1% Q/Q, up 5% Y/Y.
- AUM of $707.8B up 8% Y/Y.
- Equity fund performance: 51% beating on 1-year, 51% on 3-year, 47% on 5-year, 62% on 10-year. Fixed income fund performance: 77% beating on 1-year, 72% on 3-year, 78% on 5-year, 83% on 10-year.
- Previously: Legg Mason beats by $0.02, misses on revenue
- LM flat premarket
Oct. 31, 2014, 7:07 AM
Oct. 30, 2014, 5:30 PM
Oct. 28, 2014, 8:47 AM
- "This appointment is in recognition of the strong business results and momentum achieved by Legg Mason (NYSE:LM)," says the company board, announcing the selection of CEO Joe Sullivan as Chairman of the Board.
- He replaces, effective immediately, Dennis Kass who has been chairman for just a little over a year. Kass remains on the board.
- Source: Press Release
Oct. 10, 2014, 8:57 AM| Comment!
Sep. 24, 2014, 12:37 PM
- While the probe into whether Pimco juiced the returns of its Total Return ETF highlights the boosted regulatory scrutiny the entire asset management industry faces, it nevertheless offers an opportunity for Pimco's rivals to pick up market share, says Citi's William Katz.
- "First order beneficiaries," says Katz, are BlackRock (BLK +0.6%), AllianceBernstein (AB -0.3%), and Legg Mason (LM -0.1%), followed by Franklin Resources (BEN +0.7%) and Invesco (IVZ). He's quick to point out the gains should be marginal and general industry pressure on fixed income likely looms more important. One who should escape heightened regulatory oversight is WisdomTree (WETF +0.2%) thanks to its minor fixed income business.
Jul. 31, 2014, 7:00 AM
LM vs. ETF Alternatives
Other News & PR