Legg Mason Inc. (0.9%) (LM – $39.23 – NYSE) (LM, Financial) is a consortium of investment managers, known as affiliates, which operate under separate brand names, including Royce & Associates in small cap equities, Western Asset Management in fixed income, and Permal in alternative strategies. As of November 2015, the firm had approximately $690 billion of assets under management. The company has generated strong investment performance while improving operating fundamentals. Using free cash flow, the company continues to actively retire shares through repurchases.
From Mario Gabelli (Trades, Portfolio)'s GAMCO Equity Income Fund fourth quarter 2015 commentary.
