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Raymond A. “Chip” Mason—a ‘giant’ in investment banking

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Years of hard work and a reputation of impeccable credibility have made Raymond A. “Chip” Mason a giant in the investment banking industry. As chairman, president, and chief executive officer of Legg Mason, Inc., Mason has led the company he founded 43 years ago and is now considered the fifth largest investment house in the United States.

Mason set up the brokerage company three years after his graduation from the College of William & Mary with a bachelor’s degree in economics in 1959. Mason founded Mason and Company, Inc., in May 1962 in Newport News, Virginia. In 1970, Mason and Company merged with Legg and Company founded in Baltimore in 1899 to form Legg Mason & Company, Inc.

In 1974, Mason took the company public and successfully guided it to earn a stellar reputation in fund management and brokerage. Legg Mason’s flagship Value Trust has beaten the Standard & Poor’s 500 Index for 14 years in a row. Most recently Legg Mason completed an exchange of its brokerage for the acquisition of Citigroup’s $440- billion asset management operation. The deal nearly doubled Legg Mason’s asset management to $830 billion.

As the mastermind of an industry-transforming deal that made Legg Mason a global money-management powerhouse, Mason continues to drive the company with credibility and integrity and is consistent with the same guiding principles from his company’s nascent stages. When he founded the company, Mason pledged to his clients that he would make them money without undue risks by “going against the grain.” The Citigroup deal signals Mason’s commitment to these principles.

\Mason has been active in the securities industry throughout his career. Among his numerous professional appointments, he is a member of the National Association of Security Dealers (NASD) Board of Governors, for which he served as chairman in 1974 and 1975. He served as chairman of the Securities Industry Association (SIA) in 1986 and as board member from 1983 to 1988.

Additionally he is active in a variety of civic organizations including the Johns Hopkins Board of Trustees, the Maryland Business Roundtable for Education for Education and the United Way of Central Maryland.

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