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.
Franklin Resources Inc., manager of the Franklin and Templeton mutual funds, said fiscal second- quarter earnings more than tripled on rising stock prices and inflows to the firm’s global investment products.
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.
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.
BlackRock Inc. may average more than $200 billion in annual investor deposits over the next five years after the acquisition of Barclays Global Investors added passive funds, said Robert Kapito , the firm’s president.