The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:To the Legg Mason Team, Email Routing List Email & Route  Print Print
Wednesday, August 1, 2018

To the Legg Mason Team, "Everybody Is From Missouri"

News summary by MFWire's editors

"We have a saying around here, everybody is from Missouri," Joe Sullivan, CEO of Baltimore-based Legg Mason [profile], tells the Baltimore Business Journal. "Missouri is the 'Show Me State.' Everybody says we hear you but we want to see it."

Sullivan reportedly shared that tidbit yesterday after the publicly traded, multi-boutique asset manager's annual meeting.

At the meeting, Sullivan talked to Legg Mason shareholders about the disconnect between Legg's stock price (down 18 percent year-to-date) and its result (volatile but trending up flows, growth through acquisitions (spending more than $1 billon in recent years), an increasingly diversified base of investment products, and rising AUM ($744.6 billion as of June 30, up more than 15 percent over the past five years, i.e. since Sullivan took over as CEO).

"It's hard for people to kind of get their arms around how well we're doing," Sullivan reportedly said at the meeting. "The flows on a quarterly basis, they're pretty volatile. But the trend over the last five years has been up."

"That to us feels like a disconnect between our stock price and what we are actually delivering," Sullivan added.

After the meeting, after sharing the Missouri tidbit, Sullivan described the mentality as fair.

"We have to deliver and we have to show them," Sullivan said. "What we see is the underlying tone of our business is much better than the message you'd get from our share price." 

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use