Summer Savings! Get unlimited digital access for 13 weeks for $13.
Business
Business

Legg Mason pays at least $80 million for European money manager

Legg Mason Inc. said it agreed to pay $80 million for European fund manager Fauchier Partners, plus as much as an additional $56 million in the next four years if certain financial targets are achieved.

Though Legg announced in December its plan to acquire Fauchier from BNP Paribas Investment Partners, the Baltimore-based money manager only disclosed the terms of the deal in a regulatory filing Wednesday.

Once the acquisition is completed in the current quarter, Fauchier will be merged into Legg's Permal Group affiliate in New York.

Legg also reported that its total compensation costs for the October-December quarter totaled $308.2 million, a 17 percent increase over a year earlier. Much of that increase was the result of Legg's restructuring its revenue-sharing agreement with Permal during the quarter.

eileen.ambrose@baltsun.com

twitter.com/eileenambrose

Copyright © 2015, The Baltimore Sun
Related Content
  • Legg Mason board meets to discuss CEO

    Legg Mason board meets to discuss CEO

    Sullivan considered front-runner among four candidates

  • Baltimore People on the Move archive

    Baltimore People on the Move archive

    Readers submit photos and information on employees who have recently been promoted, hired or honored at area businesses. Select photos will be published in the Maryland Business section of Tuesday editions of The Baltimore Sun. Caption size is limited and only photos are accepted in this feature....

  • Health Professionals on the Move archive

    Health Professionals on the Move archive

    Readers submit photos and information on medical professionals who have recently been promoted, hired or honored. Select photos will be published in the Health and Medicine section of Sunday's edition of The Baltimore Sun. Caption size is limited and only photos are accepted in this feature. Submit...

  • Jobs in Health

    Jobs in Health

    Learn about the wide variety of careers in the health-care field in the words of local professionals. Also see the latest hirings and promotions at Health Professionals on the Move.

  • Workers rally at Pimlico alleging proposed benefit reductions

    Workers rally at Pimlico alleging proposed benefit reductions

    Chanting "we want justice, we won't wait," and "Pimlico, rich and rude, we don't like your attitude," workers from Pimlico Race Course and Laurel Park rallied outside Pimlico on Tuesday morning after they said their employer proposed cutting their hours and benefits.

  • Maryland businessman seeks to undo guilty plea

    Maryland businessman seeks to undo guilty plea

    A former insurance executive who was convicted of running a "Ponzi-type fraud" and accused of plotting to kill Delaware's lieutenant governor is trying to withdraw his guilty plea, arguing that prosecutors misled him.

Comments
Loading
73°