A number of problems have caused Legg Mason’s stock to decline 20% so far this year, on top of a 20% decline last year, The Baltimore Sun reports.

Weak performance in a number of its mutual funds, particularly the flagship Legg Mason Value Trust Fund run by Bill Miller, have caused investors to pull $4 billion from its mutual funds. On top of this, the integration of Citigroup’s money management division over the past two years has proven to be more difficult than Legg Mason anticipated, according to some analysts, and its money market funds have $10  billion of exposure to subprime debt through structured investment vehicles. In fact, sales have slowed so much that Legg Mason renegotiated an agreement with Citigroup in September to sell some share classes through other brokers.

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