Legg Mason (LM) Posts Q3 adj.-EPS of $1.45; AUM at $671.5B

Legg Mason Reports Results For Third Fiscal Quarter 2016

January 22, 2016 7:00 AM EST

BALTIMORE, Jan. 22, 2016 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) today reported its operating results for the third fiscal quarter ended December 31, 2015.  The Company reported a net loss1 of $138.6 million, or $1.31 per diluted share, as compared to net income of $64.3 million, or $0.58 per diluted share, in the previous quarter, and net income of $77.0 million, or $0.67 per diluted share, in the third quarter of fiscal 2015. 

This quarter's results were driven by the following:

Negative items:

$371.0 million, $296.8 million after-tax, or $2.79 per diluted share, in non-cash impairment charges... More

Legg Mason Announces Acquisition of Clarion Partners

January 22, 2016 6:30 AM EST

BALTIMORE, Jan. 22, 2016 /PRNewswire/ -- Legg Mason Inc., (NYSE: LM), today announced that it has agreed to acquire a majority equity interest in Clarion Partners, a leading diversified real estate investment firm based in New York.  One of the largest independent real estate investors, Clarion Partners manages approximately $40 billion across the real estate risk/return spectrum.  Clarion Partners will operate as the primary independent real estate investment affiliate for Legg Mason.

Under the terms of the transaction, Legg Mason will acquire an 83% ownership stake in Clarion Partners for $585 million. In... More

Legg Mason Announces Strategic Investment in Precidian Investments

January 22, 2016 6:30 AM EST

BALTIMORE, Jan. 22, 2016 /PRNewswire/ -- Legg Mason, Inc. [NYSE: LM], today announced that it has acquired a minority equity position in Precidian Investments, a firm specializing in creating innovative products and solutions and solving market structure issues, particularly with regard to the ETF marketplace.  Precidian leverages its patented intellectual property to both power its own ETF products subadvised by unaffiliated managers and to work with financial services firms to jointly develop solutions, structures and products to meet investor needs. 

Under the terms of the transaction, Legg Mason purchased a new class of preferred equity,... More

Legg Mason Announces Combination of EnTrust Capital and Permal Group

January 22, 2016 6:30 AM EST

BALTIMORE, Jan. 22, 2016 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) today announced it has entered into a definitive agreement to combine Permal, Legg Mason's existing hedge fund platform, with EnTrust Capital. EnTrust is a leading independent hedge fund investor and alternative asset manager headquartered in New York with approximately $12 billion in total assets and complementary investment strategies, investor base and business mix to Permal.  The business combination will create a new global alternatives firm with over $26 billion in pro-forma AUM1 and total assets of $29 billion2.  The firm will have a diverse offering of... More