Maybe we need to coin a new term for the industry. When an executive turns around a firm's trend of outflows and kicks up its earnings, that person has pulled a "Sullivan."
That's just what Legg Mason
chief executive Joe Sullivan
a 51 percent rise in profit, and a 61 percent boost in income, for the quarter ending June 30.
The firm's AUM hit $704.3 billion, up 9 percent from the same period a year ago.
The cheery earnings news garnered the attention of all the usual suspects, including Bloomberg
; Yahoo Finance
, and the Wall Street Journal
, among others.
During a conference call with analysts, Sullivan revealed some of the workings of his magic, including outreach with affiliates, turbocharged biz development and distribution. A full transcript of the earnings call can be found here at SeekingAlpha
A recent Forbes
that Sullivan is working to shake up Legg's traditional affiliate structure, which involves full ownership of all investment shops. According to the article, Sullivan is looking to borrow a page from AMG's Sean Healey
, and give boutiques some skin in the game.
Meanwhile, the Motley Fool
recently penned a paean in praise
of Sullivan's Way.
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