Joe Sullivan is pushing Legg Mason [profile] toward a less mutual-fund-centric future.

Joseph A. Sullivan Legg Mason Global Asset Management Chairman & CEO

Almost half of Legg's gross retail sales in the U.S. in its last fiscal year (ended March 31, 2017) came from products other than traditional mutual funds, Sullivan — chairman and CEO of the Baltimore-based, publicly traded multi-boutique asset manager — tells the Baltimore Business Journal's Holden Wilen. It's all part of Sullivan's plan to stack Legg Mason's wins, phrasing that the local likens to remarks from Baltimore Ravens coach John Harbaugh.

Watch for Legg Mason to continue to expand its SMA and ETF offerings. Legg's SMA sales in the U.S. rose to $17 billion last fiscal, up from $9 billion three years earlier, Sullivan tells the Baltimore Business Journal. And he sees ETFs as a big growth opportunity, particularly the small but growing active ETF space, where Legg Mason's size and expertise are key differentiators, Sullivan says.

"We intend and want to make as many of our investment capabilities as possible in the ETF wrapper," Sullivan tells the local paper. "Our focus on and experience in active management and our experience at distributing and servicing helps distinguish us from passive managers." 

Edited by: Neil Anderson, Managing Editor


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