The price is undisclosed. Locally based Legg Mason negotiated the management buyout. Flick becomes chairman and CEO; Griesser remains president of Trident, and Waters also keeps his current title. Roach becomes president of Fox & Roach Charities. Fox, who is ill, recently retired, as did Robert Glendinning, another principal shareholder. Two additional high-ranking principals, William Fox Jr. and Arthur Wheeler Jr., remain in management, respectively, as president of Trident Land Transfer of New Jersey and manager of the company's Haverford (PA) Home marketing center.
The company dates back to the late 1800s and grew primarily through the merger of family-owned area firms that included Fox & Lazo, Roach Brothers, and Emlen Wheeler. In 1999 the company acquired Prudential Preferred Properties and became a Prudential affiliate.
The current company's 2003 sales exceeded $9 billion, and it lays claim to being the country's largest brokerage firm operating in a single market. It has 60 offices and 3,200 sales associates throughout southeastern Pennsylvania, Delaware, and south and central New Jersey.
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