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yesterday

Legg Mason Founder Raymond ‘Chip’ Mason Dies at 88

A university announcement highlighted a career that transformed a Baltimore brokerage into a national asset manager with lasting civic impact.

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Legg Mason Inc. patriarch Raymond A. “Chip” Mason led the financial giant for nearly four decades. (Sun file)

Overview

  • Mason died Friday in Naples, Florida, with his death announced Saturday by the College of William & Mary.
  • He launched Mason & Co. in 1962, merged it with Legg & Co. in 1970 to form Legg Mason, and took the company public in 1983.
  • He grew the firm through acquisitions, including a 2005 asset swap with Citigroup that vaulted Legg Mason into the top tier of U.S. money managers.
  • A prominent civic figure, he chaired major Baltimore institutions and, as a Maryland Stadium Authority member, helped craft the Camden Yards deal viewed as vital to keeping the Orioles in the city.
  • He retired as CEO in 2008 and remained a senior adviser; he is survived by his wife, Rand, and his children and stepchildren, and the firm was acquired by Franklin Templeton in 2020 for $4.5 billion.