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Article: Massachusetts Treasurer Backs Legg Mason as Manager of State Pension Fund.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 27, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. 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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By Frank Phillips, The Boston Globe Knight Ridder/Tribune Business News
Dec. 27--State Treasurer Shannon O'Brien is sticking with the state pension fund's investment management company, Legg Mason, after the firm lost $15 million speculating in Enron stock last month, despite warnings that the Texas energy giant was in deep financial trouble.
Aides to O'Brien, who chairs the Pension Reserves Investment Management board, yesterday insisted that the $15 million loss is far outweighed by Legg Mason's overall performance since it was hired in March 2000.
"Legg Mason achieved outstanding rates of returns in the past," said Dwight Robson, ...