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Stock Market & Financial Investment News

News Breaks
January 27, 2014
12:06 EDTLMSEC charges Legg Mason affiliate with defrauding clients
The Securities and Exchange Commission announced sanctions against a California-based investment adviser for concealing investor losses that resulted from a coding error and engaging in cross trading that favored some clients over others. Western Asset Management Company, which is a subsidiary of Legg Mason, agreed to pay more than $21M to settle the SECís charges as well as a related matter announced today by the U.S. Department of Labor. According to an SEC order instituting settled administrative proceedings, Western Asset serves as an investment manager primarily to institutional clients, many of which are ERISA plans. Western Asset breached its fiduciary duty by failing to disclose and promptly correct a coding error that caused the improper allocation of a restricted private investment to the accounts of nearly 100 ERISA clients. In a separate order involving a different set of client accounts, the SEC finds that Western Asset engaged in a type of cross trading that was illegal. Reference Link
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July 31, 2014
07:03 EDTLMLegg Mason reports Q1 adjusted EPS 91c, consensus 56c
Reports Q revenue $693.9M, consensus $704.36M. Assets Under Management were $704.3B, up slightly from $701.8B as of March 31 and up 9% from $644.5B as of June 30, 2013.
July 25, 2014
07:33 EDTLMLegg Mason acquisition positive, says Wells Fargo
After Legg Mason agreed to buy international equity manager Martin Currie, Wells Fargo thinks the deal will enable Legg Mason to gain a foothold in international equity, while enabling Currie to leverage Legg Mason's retail distribution channel. The firm does not expect the deal to affect Legg Mason's share buybacks. It keeps an Outperform rating on the shares.
July 24, 2014
08:32 EDTLMLegg Mason acquires Martin Currie
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