Legg Mason Sees 2% Gain in AUM During July; Bill Miller Departs Following Purchase of LMM Stake
Although narrow-moat Legg Mason closed out the month of July with slightly more in assets under management (AUM) than we were projecting, we feel the potential exists for more downside than upside in the near term and as a result are leaving our $38 per share fair value estimate in place.Legg Mason's reported total AUM of $756.6 billion at the end of July was about 2% higher than our forecast, with much of the difference due to the stronger global equity and credit market performance. For the ...
Legg Mason is a holding company. Through its subsidiaries, the company is an asset management company that provides investment management and related products and services. The company's investment advisory services include discretionary and non-discretionary management of separate investment accounts for institutional and individual investors. The company's investment products include proprietary mutual funds ranging from money market and other liquidity products to fixed income, equity and alternative funds managed in various investment styles. The company also provides other domestic and offshore funds to both retail and institutional investors, privately placed real estate funds, hedge funds, and funds-of-hedge funds.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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