Saturday, 28 November 2015
Last updated 18 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.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…