Hints and tips:
...Some, such as Legg Mason and Eaton Vance, have given up on public markets and sold out....
...Pfizer has hired William Pao as chief development officer, effective from March. He joins from Roche....
...The latest deals involved Franklin Templeton buying Legg Mason for $6.5bn in February; and Morgan Stanley paying $7bn for Eaton Vance to combine it with its own money management arm....
...Clutching books by Jack Bogle and William Sharpe, they warned that every dollar paid in fees was a dollar less for widowers and grandmothers....
...William Katz, an analyst with Citi, said he expected Trian’s involvement to spark “a new-found urgency” among senior executives to follow the company’s current plan to trim $100m in costs, announced in March...
...Sarah Legg, a former HSBC executive, and ex-Allied Irish Bank deputy chair Catherine Woods will also both join the board, in December and March respectively....
...Ms Williams, however, also expresses scepticism over the size of the asset management arm....
...William Stromberg of Baltimore-based T Rowe Price, and Joe Sullivan of Legg Mason are other top executives that enjoyed eye-catching pay increases....
...Other top funds across several brokers who provided data to FT Money included Legg Mason Japan Equity, Newton Global Income, Stewart Investors Asia Pacific Leaders and Lindsell Train Global Equity....
...But not William Legg’s....
...William Danoff saw the potential in Amazon’s burgeoning cloud computing platform, which by 2013 was beginning to be a big contributor to the online retailer’s bottom line....
...Lazard holds shares in US companies such as Norfolk Southern, and Italian company Atlantia, while Legg Mason’s fund has stakes in Sempra Energy and American Tower Corp....
...European investors are less likely to hold passive funds compared to the global average, the research from US asset manager Legg Mason found....
...In contrast, almost three times as many investors over the age of 40 said they would stick with a poorly performing fund, finds Legg Mason....
...The Diversity Project will be led by a senior-level steering group that includes Irshaad Ahmad, Allianz Global Investors’ head of institutional business for Europe, Lesley Williams, chairwoman of the Pensions...
...Japanese equity funds are also attracting investor flows, with the Legg Mason Japan Equity featuring among Hargreaves Lansdown’s top ten Isa funds....
...Michelle Seitz, head of William Blair Investment Management, the $64bn US fund house, says robots could “partially” replace portfolio managers....
...● Allianz Global Investors has hired Thomas Moles as head of US institutional marketing, a newly created role, from Legg Mason....
...William Katz, analyst for Citigroup, said that “investors may view the lack of fresh perspective as potentially disappointing, and/or reinforcing concerns over the complexity of the platform”....
...In a report to clients, William Katz, analyst for Citigroup said “given some missteps along the way around flows, margins, and the balance sheet, we believe Mr Fetting’s goodwill with investors was wearing...
...Bill Miller of Legg Mason, an asset manager, disagrees....
...“I don’t think we’re really geared up,” says Pat Williams, who works in the bank. Her speech, like that of many Saints, is a beguiling kind of mid-Atlantic drawl with inflections of antique cockney....
...The recent travails of Fidelity’s Anthony Bolton and Legg Mason’s Bill Miller show star managers can lose their lustre....
...The US groups have done well in Europe, said Diana Mackay, chief executive of Mackay Williams, a consultancy....
...David Hoffman, co-manager of Legg Mason’s $23bn fixed income BW Absolute Return Opportunities Fund, said: “We’re buying fewer corporates....
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