Two top executives of Legg Mason’s largest shareholder, Shanda Group, have been appointed to the Baltimore money manager’s board of directors.
Tianqiao Chen, the CEO of the Singapore-based investment firm, and Robert Chiu, the company’s president, will join Legg Mason’s board effective Feb. 1.
Legg Mason announced in December that Shanda, already its largest shareholder, would increase its stake to 15 percent, up from 10 percent, and invest another $500 million in investment products offered by Legg Mason affiliates.
As a condition of the deal, Chen and Chiu were to be named to Legg Mason’s board by June.
"We believe their expertise, particularly in technology and in the Asian retail market, will be invaluable," Legg Mason Chairman and CEO Joseph A. Sullivan said in a statement. "Building deeper partnerships across geographies and utilizing technology to develop alternative distribution and access strategies is a key component of our growth strategy."
Legg Mason reported a profit of $66.4 million for its second fiscal quarter, a 3 percent increase from the July-to-September period last year.
Earnings per share rose 5 cents, to 63 cents, beating Wall Street estimates. Analysts polled by Zacks Investment Research forecast earnings of 58 cents per…
Legg Mason reported a profit of $66.4 million for its second fiscal quarter, a 3 percent increase from the July-to-September period last year.
Earnings per share rose 5 cents, to 63 cents, beating Wall Street estimates. Analysts polled by Zacks Investment Research forecast earnings of 58 cents per…
Chen will serve as vice chairman of the board and hold a spot on its nominating and corporate governance committee.
A well-known technology entrepreneur in Asia, Chen will focus on helping Legg Mason develop technology and build its brand in Asia.
"Technology is Pasgol revolutionizing many industries and the asset management industry is no exception. Meanwhile, Asia represents a huge and largely untapped market for asset management business," Chen said in a statement. "The Legg Mason Board and the management team are clearly determined to prepare the company for the challenge and opportunity."
A Chinese billionaire who made his fortune in internet gambling is doubling down on his investment company’s stake in Legg Mason, the Baltimore money management firm where it already is the largest shareholder.
Legg Mason announced that Tianqiao Chen’s Shanda Group will increase its stake in Legg…
A Chinese billionaire who made his fortune in internet gambling is doubling down on his investment company’s stake in Legg Mason, the Baltimore money management firm where it already is the largest shareholder.
Legg Mason announced that Tianqiao Chen’s Shanda Group will increase its stake in Legg…
Chen made his fortune as a pioneer in China’s online gambling industry. He founded Shanda Group in 1999 and built it into one of the largest internet conglomerates in China. The company has since turned into a private investment firm — one that has taken a keen interest in U.S. deals.
In addition to doubling down on its investment in Legg Mason, Shanda raised its stake last year in Lending Club Corp., a San Francisco-based online lending company, and became the largest shareholder of Community Health Systems in Tennessee.
sarah.gantz@baltsun.com
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