Printer Friendly

LEGG MASON WINS COMPETITION TO PROVIDE ASSOCIATION FINANCIAL SERVICES

LEGG MASON WINS COMPETITION TO PROVIDE ASSOCIATION FINANCIAL SERVICES
 BALTIMORE, July 7 /PRNewswire/ -- Legg Mason Wood Walker, Inc. has won the competition to provide financial services to associations through an arrangement with the American Society of Association Executives (ASAE), the Washington D.C. organization that serves 12,000 associations throughout the United States.
 Legg Mason was chosen from a field of 16 that included some of the country's largest investment and money management firms. Its winning proposal offered a novel approach to assist association executives in managing their associations' financial assets, which include operating funds, pension funds, and foundation capital.
 "We will act as investment consultants, instead of simple providers of discounted financial products," said Michael Graham, Legg Mason's investment executive who led program. "One main focus of our program will be to demonstrate how association executives can better manage risk." Legg Mason, at no charge, will help associations write their investment policies.
 With the recent collapse in short-term interest rates, association executives now face a much more challenging environment. The diversity of financial options -- money funds, common stocks, bonds, and mutual funds -- each with its own risk and reward, need to be bundled and matched to the individual investment strategies of each association.
 "A major reason for entering into this agreement is that many association executives don't have the time or expertise necessary to manage sizable assets in today's complex financial markets," said Chester Merritt, vice president of the ASAE Service Corps, an ASAE subsidiary.
 Under Graham's direction, Legg Mason's ASAE Association Investment Program will provide counsel to association executives in developing individualized investment strategies for the association, and will offer various investment options for the management of cash, fixed-income securities, and equities. Legg Mason will help associations select third-party portfolio managers or will provide the investment management services itself for a single, all-inclusive fee that will vary by the amount of assets under management.
 "Demand for our investment management services is higher than expected," said Graham. "We have already put in place investment programs for eight associations and have received inquiries from 300 others."
 Legg Mason Wood Walker is a member of the New York Stock Exchange and part of the Legg Mason, Inc. organization headquartered in Baltimore with 82 offices from Maine to Texas.
 -0- 7/7/92
 /CONTACT: Geraldine D. Leder of Legg Mason, 410-539-0000/
 (LM) CO: Legg Mason Wood Walker, Inc. ST: Maryland IN: FIN SU: CON


SM-OS -- NY016 -- 6910 07/07/92 10:07 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 7, 1992
Words:411
Previous Article:CIBA-GEIGY BATTLES LYME DISEASE WITH EDUCATION
Next Article:SEARCH EXPLORATION ANNOUNCES WELL COMPLETION, STOCK-BUY BACK PLAN
Topics:


Related Articles
FAIRFIELD GROUP TO BECOME A LEGG MASON SUBSIDIARY
LEGG MASON COMPLETES ACQUISITION OF FAIRFIELD GROUP
LEGG MASON/BARTLETT ACCORD; LEGG MASON'S ASSETS UNDER MANAGEMENT WILL RISE TO OVER $30 BILLION
Legg mason.
Navigate Investment Planning With Ease.
Legg Mason.
Legg Mason.
Legg Mason, Delaware Investments Launch New, Multi-Fund Retirement Plan.
Legg Mason: Navigate Investment Planning with Ease.
Legg Mason Wood Walker Chooses Actimize Anti-Money Laundering Solution.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters