Legg Mason Inc., the money manager under pressure from activist investor Nelson Peltz, said Mark R. Fetting will step down as chairman and chief executive officer after failing to end almost five years of client redemptions.
Billionaire investor Nelson Peltz admonished the board of State Street Corp. over poor performance and urged it to adopt a multistep plan for raising profit that included a possible sell-off of the custody bank’s money- management unit.
Western Asset Management Co.’s main fund is rebounding after trailing rivals in 2007 and 2008, beating similar strategies from BlackRock Inc. and Pacific Investment Management Co. for the third straight year. The bond manager’s next challenge is to reverse withdrawals.
Laurence D. Fink made BlackRock Inc. the world’s largest asset manager with last year’s purchase of Barclays Global Investors. Now he must convince shareholders that his firm hasn’t become too big to grow.
Waddell & Reed Financial Inc. , the mutual-fund manager based in the heart of Kansas that caters to mom and pop investors, is an unlikely company to be blamed for sending Wall Street into a tailspin on May 6.