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Article: Its biggest bet yet; Legg Mason.(Legg Mason Value Trust)
- Article from:
- The Economist (US)
- Article date:
- December 17, 2005
CopyrightCOPYRIGHT 2005 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The rise of an American broking firm
A DECADE ago, Legg Mason was the number-two brokerage firm in Baltimore. At the end of this year, it will be either the largest or second-largest listed asset manager in the world by many measures and perhaps the most successful. The transformation has had a bit to do with luck, a lot to do with one man's stockpicking record and most of all to do with another's company-building strategy. That strategy has now culminated in a huge bet on financial globalisation.
To Americans pondering a choice of mutual fund, Legg Mason has become well known because of the investing record of William Miller. For the past 14 years, his ...