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Wednesday, June 26, 2013

Sullivan Vows To Acquire Again

News summary by MFWire's editors

Joseph Sullivan, CEO of Legg Mason[profile] spoke on CNBC's Squawk Box in an effort to convince investors that the company's assets are much more balanced than people think, Benzinga. writes. Sullivan said two-thirds of its assets are in fixed-income.
"We do have about two-thirds of our assets in fixed income, but we are actually considerably more balanced than that in terms of revenue. So, about 55% of our revenues come from fixed income, with the remainder coming from equities and from alternatives. So, ah, we're more balanced than I think people realize," said Sullivan.
Sullivan admitted Legg Mason's weakness in non-U.S. equity, but reiterated that he is looking to acquire non-U.S. equities, as he stated a week ago.

Sullivan said Legg Mason has an innovative model but it was executed poorly:
"Our challenges over the last few years haven't been the model, it's been how we executed the model, and I think, I do think our model is very compelling. We, ah, are active managers. I think in a market like this, active management has an opportunity to really show what it can contribute. Ah, so we start with that," said Sullivan.
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Edited by: Casey Quinlan

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