BOSTON Legg Mason Inc on Wednesday said reorganization steps will cost it a total of $20 million for severance and other expenses in the quarters ending in September and December.
The moves are the latest by Joseph Sullivan, named chief executive of the Baltimore-based asset manager in February, as he tries to restore the company as one of the top U.S. mutual fund firms.
Sullivan has made changes like selling to its managers a small wealth-management unit, Private Capital Management. In August, Legg Mason also said it would shut down an international equities unit, Esemplia.
Shares in Legg Mason were down 1 percent to $34.52 in midday trading.
(Reporting by Ross Kerber; Editing by Leslie Adler)
UPDATE 1-UK Stocks-Factors to watch on June 29
June 29 Britain's FTSE 100 index is seen opening up 37 points at 7,424 on Thursday, according to financial bookmakers, with futures up 0.52 percent ahead of the cash market open.