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Monday, December 19, 2016|
Sullivan Deepens Legg's Ties With Its Key Backer
Joe Sullivan and his team are deepening Legg Mason's [profile] ties with its key backer.
MarketWatch picked up on the news.
The board seats appear to reinforce the importance Shanda places on its investment in Legg. The two Shanda executives joining Legg's board by June 1, 2017 are none other than Tianqiao Chen, Shanda's chairman and CEO, and Robert Chiu, Shanda's president. And Chen will become vice chairman of Legg, too.
On the stake side, MarketWatch notes that, per FactSet, Shanda currently owns 10.5 percent of Legg. This new deal entails Shanda upping its stake to up to 15 percent.
Printed from: MFWire.com/story.asp?s=55379
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