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Thursday, July 24, 2014

Asset manager Legg Mason to purchase UK's Martin Currie, (NYSE: LM)

Asset manager Legg Mason Inc said it would purchase UK-based investment manager Martin Currie to expand in equity markets, as part of efforts to revamp its business.Under Joseph Sullivan, who became CEO in February 2013, Legg Mason has sold smaller businesses and pushed for new products as it tries to reverse a long record of net quarterly withdrawals by customers."Martin Currie is a perfect strategic fit for our growing equity business in Australia", Sullivan said in a statement.Legg Mason's Australian Equities unit with $2.5 billion in asset under management will become part of Martin Currie after the deal closes.

Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM traded higher by 1.01% or $0.51/share to $51.15. In the past year, the shares have traded as low as $32.11 and as high as $52.00. On average, 797211 shares of LM exchange hands on a given day and today's volume is recorded at 45625.