U.S. asset manager Legg Mason Inc is to purchase Fauchier Partners, one of London's oldest fund of hedge fund firms, from BNP Paribas Investment Partners , in the latest deal in the fast-consolidating sector.London-based Fauchier, which runs $6 billion in assets and has been tipped as a possible sale target since last year, will be merged with Legg Mason's fund of funds firm Permal, creating a unit with around $24 billion in assets under management.The deal comes as firms in the $636 billion fund of hedge fund sector try to beef up assets or pick up rivals on the cheap as the industry reels from the credit crisis.Many firms have reported client outflows and dwindling margins since the credit crisis, while some were also hurt after investing with U.S. fraudster Bernard Madoff.
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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