Legg Mason, Inc. (LM) F1Q11 (Qtr End 06/30/10) Earnings Call July 26, 2010 5:00 pm ET Executives Alan Magleby – Director, IR and Communications Mark Fetting – Chairman and CEO Terrence Murphy – Interim CFO Joe Sullivan – Senior EVP and Chief Administrative Officer Analysts Bill Katz – Citigroup Dan Fannon – Jefferies & Company Jeff Hopson – Stifel Nicolaus & Co. Robert Lee – Keefe, Bruyette & Woods Craig Siegenthaler – Credit Suisse Alex Blostein – Goldman Sachs Michael Kim – Sandler O'Neill Cynthia Mayer – Bank of America/Merrill Lynch Michael Carrier – Deutsche Bank Roger Freeman – Barclays Capital Douglas Sipkin – Ticonderoga Securities Mike Holton [ph] – The Boston Company PresentationOperator
Welcome to the Legg Mason’s first quarter earnings 2011 conference call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Alan Magleby, Head of Investor Relations and Corporate Communication for Legg Mason. Thank you. Mr. Magleby, you may begin. Alan Magleby Thank you. On behalf of Legg Mason, I would like to welcome you to our conference call to discuss operating results for the fiscal 2011 first quarter ended June 30, 2010. 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 managements’ 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, 2010 and in the company’s quarterly reports on Form 10-Q.