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Thursday, March 30, 2017|
Sullivan Trims, But Not at Legg Mason's Affiliates
Joe Sullivan is making cuts from Legg Mason's [profile] distribution team and more. Yet Legg's investment boutiques are dodging the blade.
"Legg Mason is refocusing its resources to the disruption affecting the asset-management industry," Legg Mason spokeswoman Mary Athridge tells Bloomberg. "We looked at our overall business to meet these pressures and to deploy capital towards investments in technology, products and distribution. As such, we further reduced operating costs, which includes a reduction in headcount."
Legg Mason has about 3,400 employees, and most of them work for its affiliated investment boutiques, the WSJ notes. Those affiliates "aren't impacted" by the cuts, the paper reports.
Legg Mason had $722.9 billion in AUM as of the end of February.
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