Legg Mason Inc. (LM, Financial) filed Annual Report for the period ended 2010-03-31.
Legg Mason Inc. has a market cap of $4.94 billion; its shares were traded at around $30.57 with a P/E ratio of 23.1 and P/S ratio of 1.9. The dividend yield of Legg Mason Inc. stocks is 0.4%. Legg Mason Inc. had an annual average earning growth of 3.4% over the past 10 years.LM is in the portfolios of Robert Olstein of Olstein Financial Alert Fund, Murray Stahl of Horizon Asset Management, Brian Rogers of T Rowe Price Equity Income Fund, John Keeley of Keeley Fund Management, Dodge & Cox, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Pioneer Investments, Pioneer Investments, Manning & Napier Advisors, Inc, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
For the fiscal years ended March 31, 2010, 2009 and 2008, our aggregate operating revenues were $2.6 billion, $3.4 billion and $4.6 billion, respectively. Our operating revenues by division (in millions) in each of those fiscal years were as follows:
investment advisory services to a number of retail separately managed account programs. For the fiscal years ended March 31, 2010, 2009 and 2008, our Americas division generated aggregate revenues of $1.9 billion, $2.3 billion and $3.2 billion, respectively.
As of March 31, 2010 and 2009, our Americas division managed assets with a value of $475.8 billion and $446.7 billion, respectively. As of March 31, 2010, 64% of the assets managed by this division were fixed income and liquidity assets managed by Western Asset Management. Of the assets managed by this division at March 31, 2010, approximately 50% was in institutional separate accounts, approximately 41% was in funds and approximately 9% was in retail or high net worth separately managed accounts.
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Legg Mason Inc. has a market cap of $4.94 billion; its shares were traded at around $30.57 with a P/E ratio of 23.1 and P/S ratio of 1.9. The dividend yield of Legg Mason Inc. stocks is 0.4%. Legg Mason Inc. had an annual average earning growth of 3.4% over the past 10 years.LM is in the portfolios of Robert Olstein of Olstein Financial Alert Fund, Murray Stahl of Horizon Asset Management, Brian Rogers of T Rowe Price Equity Income Fund, John Keeley of Keeley Fund Management, Dodge & Cox, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Pioneer Investments, Pioneer Investments, Manning & Napier Advisors, Inc, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Our subsidiary asset managers primarily earn revenues by charging fees for managing the investment assets of clients. Fees are typically calculated as a percentage of the value of assets under management and vary with the type of account managed, the amount of assets in the account, the asset manager and the type of client. Accordingly, the fee income of each of our asset managers will typically increase or decrease as its average assets under management increase or decrease. We may also earn performance fees from certain accounts if the investment performance of the assets in the account meets or exceeds a specified benchmark during a measurement period. For the fiscal years ended March 31, 2010, 2009 and 2008, $71.5 million, $17.4 million and $132.7 million, respectively, of our $2.3 billion, $2.9 billion and $3.9 billion in total investment advisory revenues represented performance fee revenues. Increases in assets under management generally result from inflows of additional assets from new and existing clients and from appreciation in the value of client assets (including investment income earned on client assets). Conversely, decreases in assets under management generally result from client redemptions and withdrawals and from depreciation in the value of client assets. Our assets under management may also increase as a result of business acquisitions, or decrease as a result of dispositions.For the fiscal years ended March 31, 2010, 2009 and 2008, our aggregate operating revenues were $2.6 billion, $3.4 billion and $4.6 billion, respectively. Our operating revenues by division (in millions) in each of those fiscal years were as follows:
investment advisory services to a number of retail separately managed account programs. For the fiscal years ended March 31, 2010, 2009 and 2008, our Americas division generated aggregate revenues of $1.9 billion, $2.3 billion and $3.2 billion, respectively.
As of March 31, 2010 and 2009, our Americas division managed assets with a value of $475.8 billion and $446.7 billion, respectively. As of March 31, 2010, 64% of the assets managed by this division were fixed income and liquidity assets managed by Western Asset Management. Of the assets managed by this division at March 31, 2010, approximately 50% was in institutional separate accounts, approximately 41% was in funds and approximately 9% was in retail or high net worth separately managed accounts.
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