Legg Mason to Take $734 Million Impairment Charge in Q4
Legg Mason Inc. will take a $734 million impairment charge in the last quarter of 2012, primarily resulting from written-down values of some domestic mutual fund contracts and Permal funds-of-hedge funds contracts, the company said in an SEC filing.
The Baltimore-based money manager said the total impairment charge after taxes would be $508 million. The charge would be reflected in the company’s quarterly results to be announced Feb. 1.
Legg Mason said it wrote down to fair value the domestic mutual fund contracts acquired in 2005 and the Permal funds-of-hedge funds contracts asset for 70% and 20%, respectively.
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