Legg Mason CEO Sees One-Time Costs Tied to Company Review

Legg Mason Inc. (LM) may have one-time “incremental” costs related to a review of the firm by a third-party consultant, said Chief Executive Officer Joseph A. Sullivan.

There will be a reallocation of resources to areas including products and distribution following the review at the Baltimore-based money manager, which may lead to modest savings, Sullivan said today at the Morgan Stanley Financials Conference in New York. An update on the charges will be provided on the firm’s next earnings call, Sullivan said.

To contact the reporter on this story: Alexis Leondis in New York at aleondis@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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