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

Legg Mason, Inc.BNP Paribas

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

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