Legg Mason plans to acquire European provider of funds of hedge funds

Baltimore-based Legg Mason Inc. announced Thursday morning it has agreed to acquire Fauchier Partners, a manager of funds of hedge funds based in Europe. The terms of the deal were not disclosed. Fauchier will be merged into Legg's subsidiary Permal, an alternative asset manager. As a result of the combination, Permal will have about $24 billion assets under management and offices in nine locations worldwide, Legg Mason said. The deal is expected to close in the first quarter of next year.

"This transaction significantly expands Permal's institutional business, creating a global institutional capability across geographies and client profiles," Joe Sullivan, Legg's interim CEO, said in statement. "This is an important step to growing our alternatives capabilities through Permal."

Fauchier Partners, which is based in London, Paris, New York and Guernsey, manages about $6 billion in assets. CEO Clark Fenton said in a statement, "Combining Fauchier Partners with Permal gives our clients the best of both firms. We maintain our existing investment process, but have the additional benefit of a much wider pool of investment talent and resources."

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