Raymond “Chip” Mason, founder of Legg Mason Inc., passed away at 88 in Naples, Florida. Known for integrity, his flagship fund, Legg Mason Value Trust, outperformed the S&P 500 for 15 years. Mason was a civic leader in Baltimore, helping build stadiums and a university business school.

Born in 1936 in Virginia, Mason started his career at his uncle’s brokerage firm before opening his own in 1962. Mergers led to the growth of Legg Mason, which went public in 1983. Mason emphasized maintaining the identity of acquired firms to preserve morale.

In 2005, Legg Mason made a $3.7 billion deal with Citigroup, transforming into a financial manager. Mason retired in 2008. Franklin Resources Inc. acquired Legg Mason in 2020 for $4.5 billion. Despite the acquisition, Legg Mason had been losing market share due to industry competition.

Mason is survived by his wife and children. His legacy lives on through the impact he made in the financial world and the communities he served.

Read more at Yahoo Finance: Raymond Mason, Who Founded Legg Mason Money Manager, Dies at 88