Friday, 22 May 2015
Last updated 5 hours ago
Jul 24 2007 | 11:06am ET
Legg Mason’s flagship mutual funds have taken a beating, but the firm is still flying high, thanks to its fund of hedge funds business.
Baltimore-based Legg said its fiscal first-quarter profit jumped 22% to $191 million, as fees earned by its Permal Group unit more than tripled. By contrast, its stock mutual funds suffered a fifth straight quarter of redemptions, as investors pulled some $7 billion.
Legg bought Permal just nine months ago, and has seen its assets under management double to $35 billion since then. Permal brought in $54 million in performance fees last quarter; Legg’s total fund fee revenue rose just 19% to $577 million.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…