Baltimore money manager Legg Mason said Wednesday that it plans to sell an investment advisory unit to Stifel Financial Corp., part of a broader effort to streamline the firm's business.
Legg Mason Investment Counsel & Trust Co, which had about $9 billion in assets under management, will become part of Stifel's global wealth management business after the deal, expected to close in the fall. Terms were not disclosed.
The move follows efforts by CEO Joseph Sullivan to reposition the company, which is working to reverse a trend of net quarterly withdrawals by customers tied to past performance problems.
It shed its international equities investment unit in August and...