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Article: Legg Mason Announces Update of Money Market Fund Support.
- Article from:
- PR Newswire
- Article date:
- March 7, 2008
CopyrightCOPYRIGHT 2008 PR Newswire Association LLC. 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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BALTIMORE, March 7 /PRNewswire-FirstCall/ -- Legg Mason, Inc. announced that it has obtained a letter of credit from a large bank to provide support to a Structured Investment Vehicle (SIV) holding in a money market fund. The Company also provided an update of the combined impact on its anticipated quarterly earnings of this action as well as quarter-to-date accruals related to previously announced money market fund support.
Legg Mason is confident in the overall soundness of the funds and committed to satisfying its client objectives of principal stability, credit quality, and current income, although no guarantees can be given.
In the money market ...