Legg Mason Inc. said yesterday that it has agreed to acquire a Pennsylvania investment management company that specializes in serving banks.
Fairfield Group Inc., based in Horsham, Pa., would become an independent subsidiary of the Baltimore-based company under the agreement. The financial details of the deal were not released.
Fairfield manages two money market mutual funds with total assets of $600 million. It also invests about $1.3 billion in money market instruments for banks and their trust departments. The company serves about 80 banks in the East and Midwest, Legg Mason Vice Chairman John F. Curley Jr. said.
"Clearly Fairfield's strength is its relationship with banks and bank trust departments," Mr. Curley said. "They would like to expand their product line. . . . I think we can help."
Legg Mason manages 11 mutual funds with $12 billion in assets and provides investment management services.