A page 1 article Monday "American Express Will Offer Trust Nationwide" mentioned Legg Mason Inc. as an example of a nonbank that had opted to offer trust services through alliances rather than own all of a trust venture.

Legg Mason's joint venture with the Boston law firm Bingham, Dana & Gould, which was mentioned in the article, is in fact part of a trust business initiative by the Baltimore broker-dealer. In September, Legg Mason received a federal thrift charter that gave it, like American Express, national trust powers.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.