Reuters (Free subscription) | 10/14/2008
(Reuters) - Permal Investment Management, the hedge fund investment division of U.S. asset manager Legg Mason Inc , is aiming to raise up to $500 million to take advantage of a boom in distressed sales of hedge fund holdings, the Financial Times said.
Baltimore Sun (Free subscription) | 10/10/2008
Shares of Baltimore's Legg Mason Inc. suffered the largest one-day percentage drop in its history as a public company yesterday and plunged to their lowest price in almost 10 years.
Baltimore Sun (Free subscription) | 10/08/2008
Moody's Investors Service cut Legg Mason Inc.'s senior debt rating yesterday in recognition of the Baltimore money manager's struggling profitability because of its weak performance and costs related to shoring up some money market funds invested in soured mortgage-related securities. The rating agency lowered Legg's rating one notch to A3 from A2, affecting $2.2 billion in senior notes....
Baltimore Sun (Free subscription) | 10/14/2008
Legg Mason Inc.'s Permal Group, which invests about $34 billion with hedge funds, said yesterday it was starting a fund to buy hedge fund stakes dumped as "distressed investors are forced to exit." Permal, a division of Baltimore-based Legg, said its Permal Hedge Fund Opportunities Ltd. will be seeded by the group and have a target of $500 million. The fund will start Nov. 1 and make...
Baltimore Sun (Free subscription) | 10/10/2008
Shares of Baltimore's Legg Mason Inc. suffered the largest one-day percentage drop in its history as a public company yesterday and plunged to their lowest price in almost 10 years.
Baltimore Sun (Free subscription) | 10/09/2008
Baltimore's T. Rowe Price Group will participate in a temporary federal guarantee program to prop up the $3.4 trillion money market fund industry. Price joins Legg Mason Inc., Fidelity Investments and Vanguard Group Inc. among others in applying for the program, for which the sign-up deadline was yesterday. Edward Bernard, chairman of Price's money market funds, said they are highly...
