CEO: Legg Mason

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“We are in the flow because we see Fetting told the audience at a conferencreJune 4. Any acquisitions would not be larg e enough tobe “transformational,” Fettinh said, but would instead be smalle r deals that would add to what the companuy already does. The profitability of asset managers, such as Legg depends in large part on the amoun of money clients investwith them. One way of increasing what is referre toas “assets under management” is to acquir e other financial services companies whose customers would then becom Legg Mason customers. The company had $632.4 billionh in assets under management as ofMarcjh 31.
Alan Rambaldini, a analyst who follows Legg Mason, said he doesn’t expecy the company to make anyblockbuster “They don’t really have the financed right now to do something transformational,” he said. “Ik don’t think they really need to changeanythinbg up, but fill in the gaps and add to what they alreadhy have.” That could include adding fund companies that could increasre Legg’s offerings of international mutual funds that invest in foreignh and U.S. companies, he said. Legg Mason’s last majotr acquisition was in 2005 when it swapper its retail brokerage businesafor ’s asset management business.
That same year Legg Mason also bought , a British funds manager.