Legg Mason

Former Kraken, Galaxy and Legg Mason execs join CrossTower leadership team

Wednesday, August 12, 2020 - 12:44pm

The stature of CrossTowers newest team members underscores the firms growth and ability to attract top talent.

Key Points: 
  • The stature of CrossTowers newest team members underscores the firms growth and ability to attract top talent.
  • A former Director of Trading Technology at Galaxy Digital, John Tavares joined CrossTower in April as Head of Operations.
  • Prior to CrossTower, Williams served as CCO of a Legg Mason-owned quantitative and multi-asset strategy investment advisory firm.
  • Seeing the passion of the senior leadership team fortified my decision to join this dedicated and hard-working team.

ClearBridge MLP and Midstream Total Return Fund Inc. Announces Unaudited Balance Sheet Information as of July 31, 2020

Friday, August 7, 2020 - 1:00pm

As a result of the reverse stock split, every five outstanding shares of common stock were automatically converted into one share of common stock.

Key Points: 
  • As a result of the reverse stock split, every five outstanding shares of common stock were automatically converted into one share of common stock.
  • ClearBridge MLP and Midstream Total Return Fund Inc. is a non-diversified, closed-end management investment company, which is advised by Legg Mason Partners Fund Advisor, LLC (LMPFA) and subadvised by ClearBridge Investments, LLC (ClearBridge).
  • To obtain information on Form N-PORT or a semi-annual or annual report from the Fund, shareholders can call 1-888-777-0102.
  • Franklin Resources and its affiliates do not engage in selling shares of the Fund.

ClearBridge MLP and Midstream Fund Inc. Announces Unaudited Balance Sheet Information as of July 31, 2020

Friday, August 7, 2020 - 1:00pm

As a result of the reverse stock split, every five outstanding shares of common stock were automatically converted into one share of common stock.

Key Points: 
  • As a result of the reverse stock split, every five outstanding shares of common stock were automatically converted into one share of common stock.
  • ClearBridge MLP and Midstream Fund Inc. is a non-diversified, closed-end management investment company, which is advised by Legg Mason Partners Fund Advisor, LLC (LMPFA) and subadvised by ClearBridge Investments, LLC (ClearBridge).
  • To obtain information on Form N-PORT or a semi-annual or annual report from the Fund, shareholders can call 1-888-777-0102.
  • Franklin Resources and its affiliates do not engage in selling shares of the Fund.

ClearBridge Energy Midstream Opportunity Fund Inc. Announces Unaudited Balance Sheet Information as of July 31, 2020

Friday, August 7, 2020 - 1:00pm

As a result of the reverse stock split, every five outstanding shares of common stock were automatically converted into one share of common stock.

Key Points: 
  • As a result of the reverse stock split, every five outstanding shares of common stock were automatically converted into one share of common stock.
  • ClearBridge Energy Midstream Opportunity Fund Inc. is a non-diversified, closed-end management investment company, which is advised by Legg Mason Partners Fund Advisor, LLC (LMPFA) and subadvised by ClearBridge Investments, LLC (ClearBridge).
  • To obtain information on Form N-PORT or a semi-annual or annual report from the Fund, shareholders can call 1-888-777-0102.
  • Franklin Resources and its affiliates do not engage in selling shares of the Fund.

Legg Mason, Inc. Announces Intent to Delist Junior Subordinated Notes from NYSE

Friday, July 31, 2020 - 10:15pm

BALTIMORE, July 31, 2020 /PRNewswire/ --Legg Mason, Inc. (the "Company") today announced that following the completion of its previously announced merger with Alpha Sub, Inc. ("Merger Sub"), a wholly owned subsidiary of Franklin Resources, Inc. ("Franklin Templeton"), the Company has notified the New York Stock Exchange ("NYSE") of its intention to delist its 6.375% Junior Subordinated Notes due 2056 (NYSE: LMHA) and 5.45% Junior Subordinated Notes due 2056 (NYSE: LMHB) (collectively, the "Junior Notes"), as well as to deregister the Junior Notes from registration with the Securities and Exchange Commission (the "SEC").

Key Points: 
  • BALTIMORE, July 31, 2020 /PRNewswire/ --Legg Mason, Inc. (the "Company") today announced that following the completion of its previously announced merger with Alpha Sub, Inc. ("Merger Sub"), a wholly owned subsidiary of Franklin Resources, Inc. ("Franklin Templeton"), the Company has notified the New York Stock Exchange ("NYSE") of its intention to delist its 6.375% Junior Subordinated Notes due 2056 (NYSE: LMHA) and 5.45% Junior Subordinated Notes due 2056 (NYSE: LMHB) (collectively, the "Junior Notes"), as well as to deregister the Junior Notes from registration with the Securities and Exchange Commission (the "SEC").
  • These actions do not affect the terms of the Junior Notes.
  • The last day of trading of the Junior Notes is expected to be August 20, 2020.
  • The Company has decided to delist the Junior Notes in connection with the closing of the transactions pursuant to the Merger Agreement.

EnTrust Global Completes Reacquisition of Legg Mason’s Interest

Friday, July 31, 2020 - 10:38pm

EnTrust Global (EnTrust), a leading alternative asset management firm, announced today that it has completed its return to an independent, private company after closing on the previously reported transaction with Franklin Resources, Inc. (NYSE: BEN), pursuant to which it reacquired the 65% interest that Legg Mason, Inc. (NYSE: LM) held in EnTrust.

Key Points: 
  • EnTrust Global (EnTrust), a leading alternative asset management firm, announced today that it has completed its return to an independent, private company after closing on the previously reported transaction with Franklin Resources, Inc. (NYSE: BEN), pursuant to which it reacquired the 65% interest that Legg Mason, Inc. (NYSE: LM) held in EnTrust.
  • EnTrust has also raised more than $400 million for its Blue Sky strategy, which launched in April for investment in the global aviation industry.
  • EnTrust Global is a leading alternative asset management firm with $18.2 billion in total assets* as of June 30, 2020.
  • EnTrust Global offers a diverse range of alternative investment opportunities across strategies, including private debt and real assets as well as core hedge funds and co-investments.

Franklin Templeton Completes Acquisition of Legg Mason

Friday, July 31, 2020 - 10:00pm

Franklin Resources, Inc. (the Company) [NYSE:BEN], a global investment management organization with subsidiaries operating as Franklin Templeton, today announced that it has completed its previously announced acquisition of Legg Mason, Inc. [NYSE:LM] and its specialist investment managers.

Key Points: 
  • Franklin Resources, Inc. (the Company) [NYSE:BEN], a global investment management organization with subsidiaries operating as Franklin Templeton, today announced that it has completed its previously announced acquisition of Legg Mason, Inc. [NYSE:LM] and its specialist investment managers.
  • Were extremely excited to announce the close of our Legg Mason acquisition, representing the largest and most significant transaction in Franklin Templetons history, said Jenny Johnson, President and CEO of Franklin Templeton.
  • Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton in over 165 countries.
  • Various forward-looking statements in this press release relate to the acquisition by Franklin Templeton of Legg Mason, including regarding expected scale opportunities, operating efficiencies and results, growth opportunities, client benefits, key assumptions, revenue realization, cost and expense synergies, financial and other benefits and returns, integration and its costs.

Closed-End Funds Advised or Administered by Legg Mason Partners Fund Advisor, LLC Announce that Franklin Resources, Inc. Acquired Legg Mason, Inc.

Friday, July 31, 2020 - 9:30pm

Franklin Resources, Inc. (Franklin Resources) and Legg Mason, Inc. (Legg Mason) announced today that Franklin Resources acquired Legg Mason in an all-cash transaction.

Key Points: 
  • Franklin Resources, Inc. (Franklin Resources) and Legg Mason, Inc. (Legg Mason) announced today that Franklin Resources acquired Legg Mason in an all-cash transaction.
  • As a result of the transaction, Legg Mason Partners Fund Advisor, LLC, Western Asset Management Company, LLC, ClearBridge Investments, LLC and Brandywine Global Investment Management, LLC became indirect, wholly owned subsidiaries of Franklin Resources.
  • Franklin Resources, whose principal executive offices are at One Franklin Parkway, San Mateo, California 94403, is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton.
  • Hard copies of the Funds complete audited financial statements are available free of charge upon request.

Franklin Templeton Appoints Jeff Masom to Head of US Distribution

Wednesday, July 29, 2020 - 6:30pm

Franklin Templeton today announced the appointment of Jeff Masom, CFA, as Head of US Distribution, overseeing US retail and institutional distribution, including US marketing and product strategy, reporting to the recently announced Head of Global Distribution, Adam Spector .

Key Points: 
  • Franklin Templeton today announced the appointment of Jeff Masom, CFA, as Head of US Distribution, overseeing US retail and institutional distribution, including US marketing and product strategy, reporting to the recently announced Head of Global Distribution, Adam Spector .
  • The acquisition of Legg Mason will establish Franklin Templeton as one of the worlds largest independent asset managers, both in the US and globally, said Jenny Johnson, President and CEO of Franklin Templeton.
  • Masom most recently served as Global Head of Institutional Distribution with RBC Global Asset Management in Boston since 2018, following his prior role as Senior Managing Director and Head of US Sales for Legg Mason.
  • Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton.

Franklin Templeton Expects to Close Acquisition of Legg Mason on July 31, 2020

Friday, July 17, 2020 - 2:00pm

Franklin Resources, Inc. [NYSE: BEN] is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton.

Key Points: 
  • Franklin Resources, Inc. [NYSE: BEN] is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton.
  • Through specialized teams, the Company has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset solutions.
  • The Companys more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network.
  • Neither Franklin Templeton nor Legg Mason undertakes any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.