Legg Mason Creates New Entity to Service Separately Managed Accounts (SMA)



    Legg Mason Is The Largest Manager of Separately Managed Accounts in the
    Industry

    BALTIMORE, April 2 /CNW/ -- Legg Mason, Inc. (NYSE:   LM) today announced
the creation of a new registered investment adviser, Legg Mason Private
Portfolio Group, LLC (LMPPG). LMPPG will be responsible for managing Legg
Mason's Separately Managed Account (SMA) platform, which it acquired as part
of the acquisition of Citigroup Asset Management(1) in December, 2005. Legg
Mason is the largest manager of separately managed accounts in the industry,
according to Cerulli Associates.(2)
    Roger Paradiso will serve as President and Chief Investment Officer of
LMPPG.  He conceptualized, developed and delivered the industry leading
Multiple Discipline Account(R) (MDA) Program in 1997.  He has 18 years
investment experience and has been part of Legg Mason, Citigroup Asset
Management and predecessor firms since 1988.  Mike Scotto will serve as Chief
Investment Strategist and will continue to head the client and financial
advisor communications effort. He has 22 years investment experience and has
been part of Legg Mason, Citigroup Asset Management and predecessor firms
since 1984.
    LMPPG will contract with Legg Mason investment management subsidiaries to
provide subadvisory services for client accounts.  Initially, the subadvisers
will include ClearBridge Advisors, Western Asset and Brandywine Global.  The
subadvisory structure will allow Legg Mason to easily and efficiently add new
investment managers and investment management portfolios to its SMA platform.
LMPPG will be responsible for managing the portfolios based on the investment
instructions provided by the subadvisers as well as for overlay portfolio
management, client management, transaction execution, private client services
and MDA and account rebalancing, as needed.
    "I am very enthusiastic about the creation of LMPPG. Not only will we be
able to further leverage a leading business segment that we acquired in the
acquisition, but we can now tap into the capabilities of our various
investment subsidiaries to offer clients an expanded choice of some of the
industry's most well regarded managers," stated Mark Fetting, Senior Executive
Vice President, Global Managed Investments for Legg Mason, Inc.

    About Legg Mason

    Legg Mason is a global asset management firm, with approximately $945
billion in assets under management as of December 31, 2006.  The company
provides active asset management in many major investment centers throughout
the world.  Legg Mason is headquartered in Baltimore, Maryland, and its common
stock is listed on the New York Stock Exchange (symbol: LM).

    (1) Citigroup Asset Management is a mark of Citigroup, Inc.

    (2) Source:  Cerulli Associates, as measured by retail assets under
    management as of December 31, 2006.

    Multiple Discipline Account (MDA) is a registered service mark of the
    Legg Mason Private Portfolio Group, LLC





For further information:

For further information: Maria Rosati of Legg Mason, Inc., 
+1-212-559-7171 Web Site: http://www.leggmason.com/

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LEGG MASON, INC.

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