Legg Mason Inc News
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Legg Mason Inc., the Baltimore-based money manager that appointed a new leader in February, awarded Chief Executive Officer Joseph Sullivan options to purchase 500,000 shares at $31.46 per share.
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Franklin Resources Inc., benefiting from the rising popularity of top-ranked bond manager Michael Hasenstab, is the best-performing stock in the money-management business.
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Legg Mason Inc., the Baltimore- based money manager that appointed a new chief executive officer in February, said fiscal fourth-quarter profit fell 62 percent as client withdrawals from its stock and bond funds continued.
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Invesco Ltd., owner of the Invesco, Van Kampen and PowerShares funds, said first-quarter profit rose 15 percent as record client deposits lifted assets.
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Wendy’s Co., the second-largest U.S. hamburger chain, paid $657,514 for Chairman Nelson Peltz’s personal security last year.
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Legg Mason Inc., the money manager that named Joseph A. Sullivan its chief executive officer in February after a five-month search, said Ron Dewhurst, who was a candidate for the position, is leaving the firm.
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The link between risk and reward in stocks is breaking down as emerging markets post the worst first quarter since 2008 and lag behind shares of developed economies by the most in 15 years.
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U.S. stocks fell from a five-year high and Treasuries rose after consumer confidence unexpectedly dropped, while the dollar fell to a one-week low against the euro as a report showed U.S. inflation is contained.
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Legg Mason Inc. is considering reducing the 400 funds it offers and closing some of its 32 offices, said Chief Financial Officer Peter Nachtwey.
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U.S. stocks climbed for the week, sending the Standard & Poor’s 500 Index within five points of a record high, as better-than-estimated retail sales and jobless claims data boosted optimism in the world’s largest economy.
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