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Legg Mason is an American investment management firm with a focus on asset management and serves customers worldwide. Legg Mason offers products in equities and fixed income, as well as domestic and international liquidity management and alternative investments (via a funds-of-hedge-funds manager).

Legg Mason, Inc.
Traded asNYSELM
S&P 400 Component[1]
IndustryAsset management
HeadquartersBaltimore, Maryland, United States
Key people
Joseph Sullivan (chairman of the board, president, CEO)[2]
ProductsAsset Management
RevenueDecrease $2.66 bln[3] (2015)
Decrease $50.831 mln[3] (2015)
Decrease $-32.91 mln[3] (2015)
AUMUS$791 billion (as of 31 October 2019)
Total assetsIncrease $728 bln[citation needed] (2018)
Total equityDecrease $4.214 bln[3] (2015)
Number of employees
3,300 (2018)[3]

Created in 1970 through the acquisition of Mason & Co. by Legg & Co. to form Legg Mason & Co., Inc., Legg Mason is now among the largest asset managers in the world. Legg Mason serves individual and institutional investors on six continents, and has some $752.3 billion in aggregated assets under management as of April 30, 2018.[4]

Legg Mason operates using a multi-manager business model, with each of the company’s subsidiaries operating independently in its own segment of the asset management industry.[5] It provides global distribution and fosters growth through product development, investing in its existing affiliates, and making new acquisitions.


Legg Mason can trace its earliest roots to George Mackubin & Co., which got its start selling stocks out of a back office in the Baltimore Stock Exchange in 1899.[6] Over time this evolved into Legg & Company, which in 1970 acquired the Newport News, Virginia-based Mason & Company that Raymond A. Mason had founded by 1962. The combined firms' headquarters are in Baltimore.


  • 1899: George Mackubin & Co., predecessor to Legg & Co., is founded in Baltimore, Maryland. In 1970, it had offices in San Francisco, New York, as well as several in Maryland, with over 400 employees. It was best known for its expertise in the life and casualty insurance industry.
  • 1962: Brokerage firm Mason & Co. is founded by Raymond A. “Chip” Mason in Newport News, Virginia
  • 1967: Mason & Co., with over 80 employees in 4 offices, becomes one of three largest of 15 Virginia-based brokerage firms
  • 1970: Mason & Co. is acquired by Legg & Co to form Legg Mason & Co., Inc, with headquarters in Baltimore, Maryland
  • 1975: Raymond A. Mason becomes chairman and CEO of Legg Mason & Co., Inc, adding to his existing role as president
  • 1982: Legg Mason Fund Adviser, Inc. is established to manage the company’s flagship fund, Legg Mason Value Trust
  • 1983: Legg Mason, Inc. becomes a publicly traded company, with its stock (symbol: LM) listed on the New York Stock Exchange
  • 2005: Legg Mason completes a transaction with Citigroup, transferring its Private Client and Capital Markets business in exchange for Citigroup’s asset management business and turning Legg Mason into a pure asset management firm.
  • 2008: Mark R. Fetting becomes CEO of the company, succeeding Raymond A. "Chip" Mason
  • 2013: Joseph A. Sullivan becomes CEO of the company

Business overviewEdit

Legg Mason acts through its subsidiaries to provide investment management and related services to its clients, which include institutions as well as individuals. Under the company's multi-manager model, each subsidiary operates with investment autonomy, following its own investment philosophy and implementing its own process.

Investment affiliatesEdit

Brandywine GlobalEdit

  • Year Founded: 1986
  • Year Acquired: 1997
  • Location: Headquartered in Philadelphia; offices in Chicago, San Francisco, Singapore, London

Clarion PartnersEdit

  • Year Founded: 1982
  • Year Acquired: 2016
  • Location: Headquartered in New York; offices in Baltimore, Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle, and Washington, D.C.

ClearBridge InvestmentsEdit

  • Year Founded: 2005 (predecessor firms date to 1962)
  • Year Acquired: 2005 (as Citigroup's asset management business)
  • Location: Headquartered in New York; offices in Baltimore, San Francisco and Wilmington

EnTrust GlobalEdit

  • Year Founded: 2016 (predecessor firms date back to 1997 and 1973)
  • Year Acquired: 2005 (as The Permal Group)
  • Location: Headquartered in New York; offices in Beijing, Boston, Chicago, Hong Kong, London, Paris, Singapore and Washington, D.C.

Martin CurrieEdit

  • Year Founded: 1881
  • Year Acquired: 2014
  • Location: Edinburgh, Scotland

QS InvestorsEdit

  • Year Founded: 1999
  • Year Acquired: 2014
  • Location: New York

RARE InfrastructureEdit

  • Year Founded: 2006
  • Year Acquired: 2015
  • Location: Sydney, Australia; office in Stamford, CT

Royce & AssociatesEdit

  • Year Founded: 1972
  • Year Acquired: 2001
  • Location: New York

Western Asset ManagementEdit

  • Year Founded: 1971
  • Year Acquired: 1986
  • Location: Headquartered in Pasadena, California; offices in New York, London, Hong Kong, Melbourne, São Paulo, Singapore, Dubai and Tokyo

Corporate citizenshipEdit

In addition to providing its employees with environment-related volunteering opportunities, Legg Mason also implements several corporate ESG initiatives,[7] such as:

  • Becoming a signatory member of the Carbon Disclosure Project and participating in its annual survey.
  • Producing its annual sustainability report based on the Global Reporting Initiative.
  • Legg Mason's headquarters in Baltimore was developed to achieve LEED certification. In 2010, the Legg Mason Tower achieved LEED Certified Gold for the space it occupies in Harbor East.


Legg Mason's headquarters are located in the 100 International Drive building in Baltimore, Maryland. Prior locations formerly were at Redwood Street, Pratt Street, and 100 Light Street.


  1. ^ "Mid-America Apartment Communities, AmSurg to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600" (PDF).
  2. ^ "Legg Mason Inc (LM) - People". Reuters. Retrieved 6 December 2016.
  3. ^ a b c d e "Annual Report 2015 on SEC Filing Form 10-K". Legg Mason, Inc. 2016-05-24. Retrieved 2016-12-06.
  4. ^ "Legg Mason Corporate Overview"
  5. ^ "Legg Mason Annual Report"
  6. ^ "The next big China buyer is …". Reuters. April 14, 2016. Retrieved March 24, 2017.
  7. ^ “Legg Mason Corporate Responsibility Report”

External linksEdit