Legg Mason Inc will lay off 62 professionals from its Boston-based Batterymarch Financial Management unit as it is combined with QS Investors, a spokeswoman said on Friday, following a deal announced in March. The Baltimore-based asset manager had said an unspecified number of jobs would be cut after its purchase of privately-held QS of New York, into which Batterymarch and Legg Mason Global Asset Allocation are being merged to form a new quantitative investing unit.
Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM traded higher by 0.9% or $0.43/share to $48.10. In the past year, the shares have traded as low as $29.28 and as high as $49.50. On average, 1166220 shares of LM exchange hands on a given day and today's volume is recorded at 1201351.
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