Legg Mason

The story of Legg Mason is a classic tale of strategic consolidation in the financial world. Its modern form began not in 1899 with its predecessor, George Mackubin & Co., but in 1970, through a pivotal merger. This deal brought together the Baltimore-based Legg & Co. and Mason & Co., a Virginia brokerage founded just eight years earlier by a 25-year-old Raymond A. “Chip” Mason. This union created the foundation of the asset management firm that would grow into a Baltimore institution. Under Chip Mason's leadership, the firm embarked on a path of steady growth. A significant turning point came in 1983 when Legg Mason went public on the New York Stock Exchange, raising $14 million. This capital injection fueled further acquisitions and expansion. The company became known for its diverse portfolio of specialized investment managers, operating with a degree of autonomy under the Legg Mason umbrella. This model allowed it to offer a wide array of investment products, from equities to fixed income. The final, and most significant, chapter in Legg Mason's independent history was written in 2020. In a move reflecting the increasing need for scale in the asset management industry, Franklin Templeton announced its acquisition of Legg Mason for $4.5 billion in cash. The deal, completed in July 2020, created a global investment behemoth with a combined $1.4 trillion in assets under management. While the Legg Mason name was absorbed, its specialized investment affiliates were preserved, continuing their strategies within the larger Franklin Templeton structure.