History. The merger created a powerhouse investment firm that kept growing until the collapse of … What will the Franklin-Legg Mason merger mean in Asia? Over time this evolved into Legg & Company, which in 1970 acquired the Newport News, Virginia-based Mason & Company that Raymond A. Mason had founded by 1962. Legg Mason Inc. shareholders voted Friday to approve the money manager's $4.5 billion sale to Franklin Resources Inc., moving the deal closer to completion by September.
The firm needed capital so it merged with Legg & Co., a Baltimore company. This filing does not constitute a solicitation of any vote or approval. Both have the S&P 500 as … Franklin Resources to buy Legg Mason, forming $1.5 trillion asset manager Published Tue, Feb 18 2020 7:31 AM EST Updated Tue, Feb 18 2020 12:36 PM EST Thomas Franck @tomwfranck In connection with the proposed merger, Legg Mason will file with the SEC and furnish to Legg Mason’s stockholders a proxy statement and other relevant documents. The combined firms' headquarters are in Baltimore. The fund industry’s latest mega-takeover has big implications for the two firms and for their clients in Asia. BALTIMORE, May 15, 2020 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) announced that its shareholders have voted to approve its proposal to merge with Franklin Resources, Inc. (NYSE:BEN), a global investment management organization operating as Franklin Templeton.. During a virtual meeting held today, shareholders approved the merger, which was announced on February 18, 2020.
Legg Mason can trace its earliest roots to George Mackubin & Co., which got its start selling stocks out of a back office in the Baltimore Stock Exchange in 1899. Yes, the Franklin-Legg Mason deal didn't need to happen for this merger to take place, but why pass up an opportunity to upgrade funds? 0 0 0 0 The $698 billion asset manager is filling gaps in its capabilities.
AsianInvestor looks at issues that the deal raises.