The largest holders of Puerto Rico bonds are betting that a planned debt sale by the commonwealth will fuel a rally in its securities by alleviating doubts the U.S. territory can raise funds in the capital markets.
Eric Garcetti, who began his Los Angeles mayoral term seven months ago, wants to phase out a business tax he says drives away companies and has left the city with a smaller employment base than three decades ago.
Legg Mason Inc., the money manager that has struggled with more than five years of net redemptions, posted a fiscal third-quarter profit after a loss a year earlier, as assets and fees tied to performance rose.
Legg Mason Inc., the money manager best known as home to stockpicker Bill Miller, is folding Miller’s Legg Mason Capital Management division into its ClearBridge Investments equity unit as assets have tumbled.
Legg Mason Inc.’s Mary Chris Gay, a portfolio manager at the division that was home to Bill Miller, has left as her unit is folded into the firm’s ClearBridge Investments equity affiliate after a decline in assets.