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Thursday, May 09, 2002

Legg Mason Puts Wallet Away

by: Sean Hanna, Editor in Chief

Legg Mason is done shopping. The revelation was made by CEO Chip Mason yesterday to Dow Jones. In the past two years the firm has made a flurry of acquisitions to build the breadth of its business. The buys included Private Capital Management, Perigee and Berkshire Asset Management. No more names will be joining that list in the near future, though.

As recently as last spring executives at the firm told the MutualFundWire.com that they were still keeping feelers out on new deals. No longer, though.

"We don't really have any intent right now of acquiring anything else," Mason told the news service. He explained that the firm has made moves into all of the areas it was short on and will now focus on growing business organically.

The Baltimore-based fund firm would make an exception is a spectacular opportunity presented itself, but don't count on it.  

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