Legg Mason's structure is misunderstood by the market. Legg Mason has an affiliate model. They own 100% of their affiliates, which are investment managers such as Permal, Western Asset Management, and Royce.
Rupert Murdoch is a good friend of mine.
It appears that PepsiCo views structural change as a sign of weakness, an admission of failure, and an untenable break with past traditions.
