Legg Mason, Inc. JR SUB NT 56
LMHB
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- Legg Mason, Inc. JR SUB NT 56 (NYSE: LMHB) represents the 5.45% junior subordinated notes due 2056 issued by Legg Mason, Inc., a former independent global asset management firm that provided active investment management services to institutional and retail clients worldwide. Legg Mason offered a diversified portfolio of investment products and services through its specialist affiliates, including equity strategies via ClearBridge Investments and QS Investors; fixed income and alternative investments through Brandywine Global and EnTrust Global; real estate management by Clarion Partners; emerging markets and global equities from Martin Currie and Western Asset Management; infrastructure investments via RARE Infrastructure; and multi-asset solutions across affiliates. Founded in 1899 and headquartered in Baltimore, Maryland, the firm operated in major financial centers including the United States, Europe, Asia-Pacific, and Latin America, managing approximately $731 billion in assets under management as of December 2019, spanning equities ($161 billion), fixed income ($420 billion), alternatives ($74 billion), and liquidity ($75 billion). In its most significant recent development, Franklin Resources, Inc. (operating as Franklin Templeton) completed the acquisition of Legg Mason on July 31, 2020, for $4.5 billion in cash plus assumption of $2 billion in debt, integrating its affiliates into Franklin Templeton's platform while preserving their investment autonomy, philosophies, and brands to enhance scale, diversification in fixed income, equities, alternatives, and multi-asset solutions, and global distribution reach. Post-acquisition, Legg Mason's operations have been reorganized under Franklin Templeton, which now manages over $1.4 trillion in combined assets under management across more than 165 countries, with ongoing integrations such as the consolidation of Martin Currie into ClearBridge Investments. The notes (LMHB) continue to trade as legacy securities tied to Legg Mason's former corporate structure, redeemable at the issuer's option.