Legg Mason Inc. (NYSE:LM) Q4 2018 Earnings Conference Call - Preliminary Transcript

Apr 25, 2018 • 05:00 pm ET


Legg Mason Inc. (NYSE:LM) Q4 2018 Earnings Conference Call - Preliminary Transcript


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Welcome to the Legg Mason Fourth Quarter and Fiscal 2018 Year-End Earnings Call. My name is John and I'll be your operator for today's teleconference. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) Please note that this teleconference is being recorded.

And it is now my pleasure to introduce your host, Alan Magleby, Head of Investor Relations. Thank you, Mr. Magleby. You may begin.

Alan F. 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 2018 fourth quarter and the fiscal year ended March 31, 2018.

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 management's 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, 2017, and in the company's subsequent filings with the Securities and Exchange Commission.

During today's call, we may also discuss non-GAAP financial information. Reconciliations of the non-GAAP financial information to the comparable GAAP financial information can be found in the press release that we issued this afternoon, which is available in the Investor Relations section of our website. The company undertakes no obligation to update the information contained in this presentation to reflect subsequently occurring events or circumstances.

Today's call will include remarks from Mr. Joe Sullivan, Legg Mason's Chairman and CEO; and Mr. Pete Nachtwey, Legg Mason's CFO, who will discuss our financial results. In addition, following a review of the company's quarter, we will then open the call to Q&A.

Now, I would like to turn this call over to Mr. Joe Sullivan. Joe?

Joseph A. Sullivan

Good evening and thank you for joining us. As always, I am joined by our CFO, Pete Nachtwey. Tonight, I am pleased to report our fourth quarter and full fiscal year results, and more importantly, highlight how our strategy of expanding client choice has shaped those results and created value for shareholders.

As you all know, today's investors have much higher expectations of the entire investment experience. They no longer simply accept what the industry offers them, but instead, often dictate the rules of engagement, including what they want, how they want it and what they'll pay for it.

Everything we do at Legg Mason begins and ends with understanding the experience our clients expect and enhancing it. So, it is through expanding client choice of strategies, vehicles and access that we can create more effective solutions to help investors achieve better outcomes, and in the process, enjoy a preferred investment experience.In building a business around expanding choice for clients,