Newly named Legg Mason Inc Chief Executive Joseph Sullivan on Wednesday vowed to reinvigorate the Baltimore-based asset manager and stanch the outflow of investor money from its funds.Sullivan, in a telephone interview shortly after he was officially named CEO, said he remains committed to Legg Mason's traditional structure of semi-autonomous investment units and is in talks with executives at the units about offering them equity. He did something similar for its Permal unit in December where executives now may receive equity in their own firm, as they could not previously.Giving managers their own equity "gives them real ownership," Sullivan said. Similar deals for other affiliates could help them recruit and retain executives, he said, and could make Legg Mason more like its more successful rival Affiliated Managers Group.Among Legg Mason's eight main affiliates are the Western Asset Management bond shop and its Royce & Associates division that invests in smaller companies.
Shares of AMG traded higher by 0.49% or $0.72/share to $146.47. In the past year, the shares have traded as low as $94.32 and as high as $147.16. On average, 317013 shares of AMG exchange hands on a given day and today's volume is recorded at 337315.
Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM fell by 2.26% or $-0.63/share to $27.28. In the past year, the shares have traded as low as $22.36 and as high as $29.49. On average, 1634800 shares of LM exchange hands on a given day and today's volume is recorded at 3008695.
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