Besides supporting four money market funds with exposure to structured investment vehicles with $420 million in capital of its own, Legg Mason has signed a one-year renewal with a bank to support $355 million in SIV securities. As of Nov. 30, the par value of SIV exposure in the funds was $2.8 billion, down from $10 billion as of Oct. 31, 2007.

In conjunction with this, Legg Mason is on track to shave $120 million from its annual operating budget beginning March 31.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.