NAPLES, Fla. — Raymond A. “Chip” Mason, founder of Legg Mason and namesake of the Raymond A. Mason School of Business at William & Mary, died Friday in Naples, Florida, at the age of 88, according to the university.
Mason graduated from William & Mary in 1959 and at age 25, after briefly working at his family’s brokerage business in Lynchburg, founded Mason & Co. in 1962 in Newport News.
That firm later merged to become Legg Mason. He led the Baltimore-based firm for over four decades, stepping down in 2008. According to media reports, at its peak, Legg Mason accumulated $830 billion in assets.
At William & Mary, the university said his philanthropic vision “helped transform the business school into a nationally recognized hub for innovation and leadership.” He helped to establish the school in the late 1960s and served as vice chair of the Business School Foundation Board. It added he took a hands-on approach, helping guide the school as it expanded its curriculum, reach and reputation.
“A forward-thinking leader, Mr. Mason championed the creation of a top-ranked business school at William & Mary. In 2005, William & Mary named that school in his honor, establishing the first named school at the university. The Raymond A. Mason School of Business upholds the core values of integrity and excellence that Mr. Mason exemplified,” said William & Mary President Katherine A. Rowe.
After graduating from William & Mary, he founded one of our country’s most prominent investment firms. Mr. Mason devoted himself to preparing students to launch their own inspiring careers in business. He gave us a model for entrepreneurial-minded leadership that transforms the status quo,” she added.
Beyond William & Mary, Mason chaired the board of trustees at the Johns Hopkins University, the Greater Baltimore Committee and United Way of Central Maryland. He supported the Baltimore Museum of Art and the National Aquarium and spoke in favor of keeping the Orioles in Baltimore at a time when its owners were considering a sale, according to the Baltimore Banner. He also chaired financial groups, including the Security Industry Association and the National Association of Securities Dealers.
He is survived by his wife, Rand, his children and stepchildren, Carter, Morgan, Paige, Pamela, Pike and Hayward, and several grandchildren, according to the university.
“For his unwavering commitment to his alma mater, Mr. Mason received signal honors from the university. William & Mary conferred upon him an honorary doctorate of humane letters; he also received the Alumni Medallion — the William & Mary Alumni Association’s highest award — and the Clarke Medallion — the most prestigious honor given by the business school,” said Rowe. “Over the years, Mrs. Rand R. Mason has become a cherished member of our community. On behalf of the university, I offer her and their extended family our most profound sympathy. Mr. Mason’s vision at William & Mary will continue to educate future generations of talented, hard-working professionals to follow in his legacy.”
