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Rating:Fetting Says Legg Mason Has Email Routing List Email & Route  Print Print
Monday, April 09, 2012

Fetting Says Legg Mason Has "What It Takes to Complete This Turnaround"

News summary by MFWire's editors

Beverly Goodman of Barron's wonders if Legg Mason [profile] can bounce back given that it was built during a market boom and was hit really hard during the financial crisis of 2008 and 2009.

Mark Fetting, who took over as CEO in 2008, inherited a mutual fund firm suffering from massive outflows and poor investment performance of investments, Barron's opines, as well as a clumsy corporate structure. Its stock price is down to $26.85, from $136 in 2006.

"It's not an issue of the model," Fetting says. "It's an issue of us delivering on our plans. We have what it takes to complete this turnaround."

Yet Fetting also added that he's "not sure how constructive it is to dwell on the past."

Rob Lee, an analyst at Keefe, Bruyette & Woods, offered this thoughts on the Baltimore-based mutual fund firm. 

Edited by: HFD

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