Mark Fetting News
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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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Mark Fetting, chief executive officer of Legg Mason Inc., was out of time.
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Legg Mason Inc. Chief Executive Officer Mark Fetting said withdrawals at the money manager’s bond-fund unit are almost over as investment performance improves.
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Legg Mason Inc. named Joseph A. Sullivan as chief executive officer, ending a five-month search for a leader to reverse five years of client redemptions and calm restive fund affiliates.
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Legg Mason Inc., the Baltimore-based money manager seeking to reverse 15 straight quarters of redemptions, said fiscal first-quarter profit rose 25 percent driven by rising assets in its stock and bond funds.
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Eliminating the stable $1 share price of money market mutual funds would require a cost benefit analysis beforehand, said Legg Mason Inc.’s Mark Fetting.
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Legg Mason Inc. ’s fiscal second- quarter earnings rose 64 percent on an increase in fee revenue even as clients withdrew money for the 12th straight quarter.
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Mark Fetting , chief executive officer of Legg Mason Inc. , has disappointed the board of directors with the disclosure of costs that have delayed his goal of lifting profitability, said two people with knowledge of the matter.
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Legg Mason Inc. fell the most in 10 months in New York trading after Chief Executive Officer Mark Fetting said costs tied to its Western Asset Management bond unit will rise by $74 million this fiscal year.
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Legg Mason Inc. , the Baltimore-based money manager, fell the most in almost seven months in New York trading after reporting that client withdrawals accelerated in its fiscal third quarter.
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