|
|
Article: Legg Mason Reduces SIV Exposure.
- Article from:
- PR Newswire
- Article date:
- December 11, 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)
|
- Total Company and Fund SIV Exposure Declines by $1.7 billion, or 43%, Through Sale of Axon Financial -
BALTIMORE, Dec. 11 /PRNewswire-FirstCall/ -- Legg Mason, Inc. today sold its total holdings in Axon Financial, reducing by $1.7 billion, or 43%, the exposure of the Company and its money market funds to securities issued by Structured Investment Vehicles and other similar conduits (SIVs).
The $1.7 billion of Axon Financial that was sold consisted of $1.36 billion held in the Company's funds and an incremental $291 million already owned by the Company. As a result of the transaction and the associated removal of Axon Financial from the Company's ...