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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 international equity specialist firm Martin Currie, continuing an effort to revamp its business.Under Joseph Sullivan, who became CEO in February 2013, Legg Mason has sold several businesses, created new products and bought other small investment firms as it tries to move beyond a long period of net quarterly withdrawals by customers.Headquartered in Edinburgh, Scotland, Martin Currie is a good fit as investors put more money into international stocks, Sullivan said in an interview. "You have to have a global investment capability that reflects that demand," he said.Sullivan said he will keep looking for deals, for instance one that would allow Legg Mason to sell alternative investment products in areas including energy or infrastructure. But finding such an acquisition could take some time, he said.

Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM traded higher by 2.27% or $1.15/share to $51.79. 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 281104.