Legg Mason Inc.* / LM

About Legg Mason Inc.*

100 Light St., Baltimore, Md. 21202
www.leggmason.com | 410-539-0000 | Founded: 1899

Industry: Financial Services | Category: Top Companies Headquartered in Maryland

Last year was a period of transition for Legg Mason after its momentous December 2005 transaction with Citigroup. As part of the $3.7 billion deal, Legg Mason sold its stock brokerage business in exchange for Citigroup's mutual fund business.
Legg Mason stock slid after missing analysts' estimates in 2006, casting doubts about the acquisition. Shares have been recovering in recent months, however, and earlier this year, the firm reported earnings that beat Wall Street's expectations.
As part of the integration process, Legg Mason announced a new structure in June in which the company is divided into three units: Global Managed Investments, International Asset Management and U.S. Asset Management.
James W. Hirschmann, 46, who was named president and chief operating officer of the company a year ago, had been expected to take over as chairman when Raymond A. Mason retired. Instead, he relinquished those responsibilities last month for personal reasons. Mason will reassume his duties as president and lead the company for at least two more years, during which he and the board will search for a successor, the company said.
Meanwhile, Bill Miller, the firm's manager who runs the Legg Mason Value Trust, ended his 15-year winning streak against the Standard & Poor's 500-stock index.
In February, the firm said it would move its operations into a new, 24-story waterfront office tower at Baltimore's Harbor East in 2009.

President, chairman and CEO: Raymond A. Mason

2006 Financial Data

Revenues: $4,254,027,000 | Net Income: $624,398,000
Assets: $9,536,109,000 | Earnings Per Share: $4.32
Stockholder Equity: $6,375,623,000 | Annual Dividend: $0.78
Total employees: 3,800 | Local employees: None