There’s speculation that Baltimore investment management firm Legg Mason may be sold once CEO Mark Fetting steps down on Oct. 1. In its cover story Sunday, the Sun reported that Daniel McHugh, president of Baltimore-based Lombard Securities said that movements in the market point to a sale.
“The 5 percent jump in Legg’s stock price on Tuesday’s news of Fetting’s resignation means the market sees this as a step closer to a sale,'” McHugh said. The story also reports that the Legg Mason board is now running the show and it is eager to see a return on investment.
The company, founded in Baltimore in 1899, is one of very few major companies to be headquartered in Baltimore. The loss of the financial firm would be a huge blow to the city. It employs over 3,000 people in Baltimore and takes up a huge space in an office building in Harbor East, on the water across the street from the Four Seasons.
Read “The Departure of Legg Mason CEO Leaves Questions About its Future” in the Baltimore Sun.