Legg Mason, Inc. was an American investment management and asset management firm headquartered in Baltimore, founded in 1899 and acquired by Franklin Templeton Investments as of July 2020. As of December 31, 2019, the company had $730.8 billion in assets under management, including $161.2 billion in equity assets, $420.2 billion in fixed income assets, $74.3 billion in alternative assets, and $75.1 billion in liquidity assets. 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.
In 1949, after the departure of Mackubin, John C. Legg Jr. named the company after himself.
In 1967, Mason & Co., with over 80 employees in 4 offices, became one of the largest Virginia-based stock brokerages.
In 1970, Mason & Co. was acquired by Legg & Co., forming Legg Mason & Co., Inc., with headquarters in Baltimore, Maryland.
In 1973 Legg Mason & Co. merged with New York securities broker Wood Walker. Wood Walker had been founded in 1869.
In February 2013, Joseph A. Sullivan became CEO of the company.
In 2016, the company acquired real estate investment firm Clarion Partners, combined its hedge fund platform Permal with New York independent hedge fund investor EnTrust and purchased a minority stake in New Jersey–based Precidian Investments to boost its exchange traded funds.
In April 2019, the company ended all sports sponsorships to cut costs.
In July 2020, Franklin Templeton Investments acquired Legg Mason for $4.5 billion.
Investment affiliates
Brandywine Global
- Year Founded: 1986
- Year Acquired: 1997
- Location: Headquartered in Philadelphia; offices in Chicago, San Francisco, Singapore, and London
Clarion Partners
- Year Founded: 1982
- Year Acquired: 2016
- Location: Headquartered in New York City; offices in Baltimore, Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle, and Washington, D.C.
ClearBridge Investments
- Year Founded: 2005 (predecessor firms date to 1962)
- Year Acquired: 2005 (as Citigroup's asset management business)
- Location: Headquartered in New York City; offices in Baltimore, San Francisco, and Wilmington
EnTrust Global
- 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 Currie
- Year Founded: 1881
- Year Acquired: 2014
- Location: Edinburgh, Scotland
QS Investors
- Year Founded: 1999
- Year Acquired: 2014
- Location: New York City
RARE Infrastructure
- Year Founded: 2006
- Year Acquired: 2015
- Location: Sydney, Australia; office in Stamford, Connecticut
Royce Investment Partners
- Year Founded: 1972
- Year Acquired: 2001
- Location: New York
Western Asset Management Company
- Year Founded: 1971
- Year Acquired: 1986
- Location: Headquartered in Pasadena, California; offices in New York City, London, Hong Kong, Melbourne, São Paulo, Singapore, Dubai, and Tokyo
Former offices
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File:Legg Mason Building.jpg|100 Light Street
File:Former Legg Mason Building.jpg|111 S. Calvert Street - Harborplace Tower
File:Old Legg Mason Building 2.jpg|Redwood Street
File:Legg mason tower.jpg|100 International Drive - Legg Mason Tower
</gallery>