Asset manager Legg Mason Inc said it will purchase Fauchier Partners, a Europe-based manager of funds of hedge funds, from BNP Paribas Investment Partners. Fauchier Partners will be combined with Permal, an affiliate of Legg Mason, the company said."This transaction significantly expands Permal's institutional business, creating a global institutional capability across geographies and client profiles," Legg Mason's interim chief executive, Joe Sullivan, said in a statement.The deal is expected to close in the first quarter of 2013 and add to earnings in the first year, Legg Mason said.Terms of the transaction were not disclosed.
Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM remained unchanged at $25.45. In the past year, the shares have traded as low as $22.36 and as high as $29.49. On average, 1419690 shares of LM exchange hands on a given day and today's volume is recorded at 0.
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