Legg Mason exit proves markets are still tough

Leader

For all those who believe the future belongs to investment boutiques, Legg Mason's decision to exit ...

For all those who believe the future belongs to investment boutiques, Legg Mason's decision to exit fund management should come as something of a shock. Until now, the talk has been almost exclusively on how the smaller groups are best placed to take the lion's share of the market thanks to their innovative structure, entrepreneurial culture and a sense of teamwork that can't be matched by a big organisation. It is a line of argument that has been completely unquestioned by the industry and in the bull market of investment boutiques the potential rewards have been lined up with little thou...