The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
Friday, December 11, 2009|
Fetting Dismisses Talk of Going Private
Just because Legg Mason has a new activist board member doesn't mean it's about to go private. On Thursday Legg chairman and CEO Mark Fetting told the Financial Times' Chrystia Freeland that the arrival of Nelson Peltz (and his Trian Fund Management) in the ranks of Legg's shareholders and board members does not mean big changes, like taking the company private. Meanwhile, Fetting offered some praise to tarnished stock picking titan Bill Miller of Legg Mason Capital Management.
Fetting also reiterated remarks he made last month, insisting that neither Peltz nor Legg overall wants to spin off subsidiaries like Western Asset Management Company.
As for Miller, Fetting confided that Legg Mason Capital Management "is on the cusp of positive flows" and added that he has "full confidence in Bill [Miller]."
"There are going to be periods where a contrarian investor like Bill [Miller], like Chuck [Royce], are going to have periods of under-performance and the question is, are they going to more than make up for that in terms of investing in situations where the intrinsic value is realised several years later," Fetting said. "Long term that batting average is very strong."
Printed from: MFWire.com/story.asp?s=23500
Copyright 2009, InvestmentWires, Inc.
All Rights Reserved