Joe Sullivan is making cuts from Legg Mason's [profile] distribution team and more. Yet Legg's investment boutiques are dodging the blade.

Joseph A. Sullivan Legg Mason Chairman & Chief Executive Officer

Starting yesterday, the Baltimore-based, publicly-traded multi-boutique asset manager is cutting more than 30 jobs, three percent of its corporate staff, Charley Grant and Sarah Krouse of the Wall Street Journal report. A company spokeswoman tells the paper that the cuts include positions in administration, finance, and legal, as well as distribution.

"Legg Mason is refocusing its resources to the disruption affecting the asset-management industry," Legg Mason spokeswoman Mary Athridge tells Bloomberg. "We looked at our overall business to meet these pressures and to deploy capital towards investments in technology, products and distribution. As such, we further reduced operating costs, which includes a reduction in headcount."

Legg Mason has about 3,400 employees, and most of them work for its affiliated investment boutiques, the WSJ notes. Those affiliates "aren't impacted" by the cuts, the paper reports.

Legg Mason had $722.9 billion in AUM as of the end of February. 

Edited by: Neil Anderson, Managing Editor


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