Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A $727B-AUM Fund Firm Drops Its Home Team Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 2, 2019

A $727B-AUM Fund Firm Drops Its Home Team

News summary by MFWire's editors

A publicly traded mutual fund firm is no longer sponsoring any sports, including its hometown baseball team.

The Legg Mason [profile] team ended their multi-year deal with the Baltimore Orioles, the Baltimore Business Journal reports. The Baltimore-based fund firm had prominent signage at Oriole Park, but no longer. (Yesterday the Orioles played their first home game of the season.)

"It was a difficult decision, but in an era in which client expectations and needs are going up and profit margins are under pressure, we've exited sports sponsorships to focus our spend on those things that directly benefit or impact clients," Mary Athridge, a Legg Mason spokeswoman, tells the Journal.

The paper puts the sports sponsorship pullback in the context of restructuring plan that Legg Mason CEO Joe Sullivan expects will save the firm between $90 million and $110 million per year (while costing between $130 million and $150 million during the company's current fiscal year).

Legg Mason has about 3,300 employees across 39 locations, working with $727 billion in AUM as of December 31, 2018. 

Edited by: Neil Anderson, Managing Editor


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use