In Memoriam: The legacy of Raymond A. “Chip” Mason ’59, L.H.D. ’98
Visionary investor and namesake of William & Mary’s Business School
August 23, 2025
By
Jacob A. Miller ’18
Raymond A. “Chip” Mason ’59, L.H.D. ’98, a pioneering financier who founded Legg Mason and helped define Baltimore as a national financial center, died on August 22, 2025, in Naples, Florida. He was 88.
Best known for building one of the nation’s largest and most respected investment firms, Mason was also a deeply proud and loyal alumnus of William & Mary. In 2005, W&M renamed its business school the Raymond A. Mason School of Business — a lasting tribute to a leader whose philanthropic investment, personal mentorship and strategic vision propelled the school into the 21st century.
Mason graduated from William & Mary in 1959. As a student, he was a member of the Sigma Alpha Epsilon fraternity and served as an interpreter on a tour boat for historic Jamestown.
At age 25, after a brief tenure in his family’s brokerage business in Lynchburg, he struck out on his own to found Mason & Co. in 1962 in Newport News, Virginia — his firm later merged to become Legg Mason, a firm he led for over four decades based in Baltimore. When he stepped down in 2008, Legg Mason had grown into a global enterprise managing $830 billion in assets.
He attributed much of his professional success to the foundation built at William & Mary.
Mason once said, “[My] William & Mary education provided me with the knowledge, skills, confidence, sophistication and language necessary to succeed. William & Mary also provided me with a remarkable network of fellow alumni with whom I have shared a profoundly rewarding life.”
His philanthropic vision helped transform the business school into a nationally recognized hub for innovation and leadership. His generosity enriched not only the campus buildings that bear his name, but also the intellectual and professional journeys of countless students and faculty. Mason’s involvement was hands-on and inspiring — he was instrumental in helping to establish the school in the late 1960s, served as vice chair of the Business School Foundation Board, shared his insights directly with faculty and students and was a guiding presence as the school expanded its curriculum, global reach and reputation for excellence through the first quarter of the 21st century.
Beyond William & Mary, Mason was a powerful civic force for good in Baltimore. He served as chair of the boards of Johns Hopkins University, the Greater Baltimore Committee and the United Way of Central Maryland. His quiet leadership helped keep major institutions rooted in the city, and his advocacy for education and inclusion was instrumental in regional progress. He also chaired national organizations, including the Securities Industry Association, the board of governors for the National Association of Securities Dealers and sat on the boards of the Baltimore Museum of Art and the U.S. National Aquarium.
Despite his towering achievements, Mason remained grounded. He often credited his success to discipline and determination: “Hard work is the only thing I know that delivers,” he said. “Until we were the best, we hadn’t accomplished our goal.”
He is survived by his wife, Rand, his children and stepchildren Carter, Morgan, Paige, Pamela, Pike and Hayward, and several grandchildren.
University leaders reflect on Mason’s passing
“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.” — President Katherine A. Rowe (Read her full reflection)
“For William & Mary, the Mason name will forever represent ambition paired with generosity, leadership shaped by humility, and a legacy defined by uplifting others. He was a true servant leader, and I count it among the highest honors of my career to work with Chip to support our business school and, over the years, develop a true friendship. Through his visionary support, our Mason School of Business continues to prepare principled leaders who will carry his values forward for generations.” — Senior Vice President for University Advancement Matthew T. Lambert ’99
“When the Mason School of Business lost its namesake yesterday, we lost much more than a benefactor and supporter. Chip was a visionary partner whose leadership and thinking shaped the School of Business since its inception. He modeled the kind of ethical business leadership that he inspires us to teach. I will deeply miss Chip’s counsel and strategic guidance and our many conversations and visits.” — Dean Todd A. Mooradian, Raymond A. Mason School of Business
“Chip Mason’s passing is a huge loss for all of us, but the legacy he created at his alma mater in business education will continue to influence students for ‘all time coming.’ As dean, I always gained valuable strategic and leadership insights when we spoke. I loved and shared his metaphor for ethics in business, which still adorns my desk. He likened the field of business to an athletic field where the out-of-bounds lines are marked with limestone chalk. His guidance to his employees was, ‘Not only do I not want you crossing the line, I do not want to see chalk on your shoes.’ His example and legacy will continue to guide and inspire us.” — Dean Emeritus Lawrence “Larry” B. Pulley ’74, P ’13, P ’15, Raymond A. Mason School of Business