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Legg Mason Inc LM
Q3 2013 Earnings Call Transcript

Transcript Call Date 02/01/2013

Operator: Welcome to the Legg Mason Third Quarter Fiscal Year 2013 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. Please note that this conference is being recorded.

It is now my pleasure to introduce your host, Alan Magleby, Head of Investor Relations and Corporate Communications. Thank you. Mr. Magleby, you may begin.

Alan F. Magleby - Managing Director, Head of IR, Corporate Communications: Thank you. On behalf of Legg Mason, I would like to welcome you to our conference call to discuss operating results for the fiscal 2013 third quarter ended December 31, 2012.

This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not statements of facts or guarantees of future performance, and are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those discussed in the statements.

For a discussion of these risks and uncertainties, please see Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2012, in Company's Quarterly Reports on Form 10-Q, and in the Company's current report on Form 8-K filed January 22, 2013.

This morning's call will include remarks from the following speakers; Mr. Joseph Sullivan, Legg Mason's Interim CEO; and Mr. Pete, Nachtwey, Legg Mason's CFO, who will discuss our financial results. In addition, following the review of the Company's quarter, we will then open the call to Q&A.

Now, I would like to turn this call over to Mr. Joseph Sullivan. Joe?

Joseph A. Sullivan - Interim CEO: Thank you, Alan and good morning everyone. As always, I appreciate your continued interest in Legg Mason and then taking time this morning to participate in our fiscal 2013 third quarter earnings call.

As you may remember from our last earnings call, I stated that despite my status as interim CEO, I was committed to demonstrating continued progress on and in fact, accelerating Legg Mason's turnaround.

To that end, I'm pleased with the efforts of our entire corporate organization and our affiliate colleagues. I want to reiterate that our leadership team is very engaged with the Board of Directors on our strategic direction and our goal quite simply is to return to growth and continue to position the Company for long-term shareholder value.

Certainly, challenges remain but I'm optimistic about our prospects and in my remarks today, I'll identify areas where I believe we are making progress as well as those where more work needs to be done. I'll reference some data points throughout my remarks for emphasis.

But before we move on to our third quarter results, let me take a moment to update you on a topic that I know is on the minds of many. The CEO search currently underway. The search committee of the Board is nearing the completion of a very comprehensive and thorough process that has included a large number of high quality candidates, while we're not quite there yet I think it's reasonable to expect an announcement and introduction of our new permanent CEO in the not-too-distant future.

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