|Nelson Peltz took a seat on LM's Board of Directors|
Legg Mason, Inc. (NYSE: LM) is an asset manager that provides investment management and similar services to institutional and individual clients, as well as company sponsored mutual funds. Legg Mason has over $684.5 billion in total assets under management, with clients ranging from retirement accounts to endowments to individual investors. It earns revenues from a number of fees it charges to investors such as investment advisory fees, which are generally based on a percentage of the AUM. Legg Mason's net income swung from a $1.97 billion loss in 2009 to a net profit of $204 million in 2010 (Legg Mason's fiscal year ends March 31 of each year).
In response to tumultuous markets caused in part by the credit crunch and financial crisis, Legg Mason restructured its business segments. Legg Mason not only replaced three executive officers, but it also restructured its three former business operating segments (Managed Investments, Institutional Management, and Wealth Management) into two geographically based segments: the Americas and International.(Read more at Wikinvest )