, which raised more than $2 billion of capital in two
rounds this year, does not intend to raise additional capital to support
its money funds with investments in risky securities, Reuters
the firm's top executive as saying.
"We do not anticipate another capital raise," Legg Mason CEO Mark Fetting
said at the Merrill Lynch Banking & Financial Services conference in New York, adding that
the company has $2.5 billion in free cash to cover exposure to structured
Over the past year, Legg Mason put up more than $1.7 billion to support
the money funds.
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