Legg Mason plans to unveil a sales plan this summer which calls for an increased focus on RIAs, InvestmentNews reports. The Baltimore-based mutual fund firm will be adding staff as part of the plan, Joe Sullivan, head of global distribution at Legg Mason, told the pub.

The sales plan was mentioned as part of a broader article that looked at Legg's outflows, the string of high-level departures in its sales organization and Legg Mason's surprise disclosure last May 3 that expenses connected to Legg's Western Asset Management unit will increase by $74 million this year. The disclosure disappointed board members, including activist investor Nelson Peltz, whose Triad Fund Management LP is Legg Mason's biggest shareholder.

The article wonders about Legg Mason's future if the fund firm does not hit its goal of upping operating margins to 30 percent by March 2012.  

Edited by: Armie Margaret Lee


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