Stock Market & Financial Investment News

News Breaks January 23, 2013 06:36 EDT LM Legg Mason says previously announced impairment charge to be $734M Legg Mason yesterday morning provide details about its intangible asset impairment testing and resulting aggregate $734M pre-tax impairment charges that were announced by the company on December 13, 2012. The company said, "We performed an impairment test of the Permal funds-of-hedge-funds contracts indefinite-life intangible asset as of December 12, 2012, because a modification of our employment contracts and other arrangements with the management of Permal that was completed on that day constituted a triggering event. Our test indicated that the funds-of-hedge-funds contracts asset was impaired, thereby triggering impairment tests of our other indefinite-life intangible assets and goodwill. As a result of these impairment tests, updated through our annual test date of December 31, 2012, our Permal funds-of-hedge funds contracts and trade name indefinite-life intangible assets and our domestic mutual fund contracts indefinite-life intangible assets were each determined to be partially impaired, resulting in aggregate pre-tax operating charges of $734 million." News For LM From The Last 14 Days Check below for free stories on LM the last two weeks. Sign up for a free trial to see the rest of the stories you've been missing. June 12, 2013 10:14 EDT LM On the Fly: Downgrade Summary Subscribe for More Information 08:05 EDT LM Legg Mason downgraded at Goldman Subscribe for More Information 06:30 EDT LM Legg Mason downgraded to Sell from Neutral at Goldman Subscribe for More Information June 11, 2013 07:57 EDT LM Legg Mason reports assets under management $654B as of May 31 07:30 EDT LM Morgan Stanley to host a conference Subscribe for More Information June 5, 2013 07:34 EDT LM Keefe Bruyette to host a conference Asset Management Conference is being held in New York on June 5 with webcasted company presentations to begin at 8 am; not all company presentations may be webcasted. Webcast Link Sign up for a free trial to see the rest of the stories you've been missing.