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Monday, June 10, 2013|
FT Profiles Legg's Sullivan
It looks like Legg Mason [profile] is improving under new CEO Joe Sullivan's leadership. The Financial Times profiled Sullivan, who was officially named in February. Mason's predecessor Mark Fetting was known for his cost cutting and a low share price. The choice of Sullivan, a Legg Mason veteran of 20 years, was interpreted by some as a failure to change the status quo.
But Sullivan has made it clear he's open to new ideas. He is hoping to acquire a non-US equity fund house to attract more international retail investors. The first quarter of 2013 was more positive than it had been in a long time, with outflows slowing to $1.8 billion. Legg Mason hasn't seen a number that strong since 2007.
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