Nelson Peltz joined the board of directors of the company after acquiring a stake. In May 2010, the company announced layoffs of as many as 350 people. In February 2013, Joseph A. Sullivan became CEO of the company. In 2016, the company acquired real estate investment firm Clarion Partners, combined its hedge fund platform Permal with New York independent hedge fund investor EnTrust and purchased a minority stake in New Jersey-based Precidian Investments to boost its exchange traded funds. In April 2019, the company ended all sports sponsorships to cut costs. In July 2020, Franklin Templeton Investments acquired Legg Mason for $4.5 billion. Investment affiliates Brandywine Global Year Founded: 1986 Year Acquired: 1997 Location: Headquartered in Philadelphia; offices in Chicago, San Francisco, Singapore, and London Clarion Partners Year Founded: 1982 Year Acquired: 2016 Location: Headquartered in New York City; offices in Baltimore, Atlanta, Boston, Dallas, London, Los Angeles, São Paulo, Seattle, and Washington, D.C. ClearBridge Investments Year Founded: 2005 (predecessor firms date to 1962) Year Acquired: 2005 (as Citigroup's asset management business) Location: Headquartered in New York City; offices in Baltimore, San Francisco, and Wilmington EnTrust Global Year Founded: 2016 (predecessor firms date back to 1997 and 1973) Year Acquired: 2005 (as The Permal Group) Location: Headquartered in New York; offices in Beijing, Boston, Chicago, Hong Kong, London, Paris, Singapore, and Washington, D.C. Martin Currie Year Founded: 1881 Year Acquired: 2014 Location: Edinburgh, Scotland QS Investors Year Founded: 1999 Year Acquired: 2014 Location: New York City RARE Infrastructure Year Founded: 2006 Year Acquired: 2015 Location: Sydney, Australia; office in Stamford, Connecticut Royce Investment Partners Year Founded: 1972 Year Acquired: 2001 Location: New York Western Asset Management Company Year Founded: 1971 Year Acquired: 1986 Location: Headquartered in Pasadena, California; offices in New York City, London, Hong Kong, Melbourne, São Paulo, Singapore, Dubai, and Tokyo Former offices References External links 1899 establishments in Maryland 1980s initial public offerings 2020 mergers and acquisitions Companies formerly listed on the New York Stock Exchange Financial services companies established in 1899 Financial services companies disestablished in 2020 Financial services companies based in Maryland Investment management companies of the United States Defunct companies based in Baltimore 2020 disestablishments in Maryland