Legg Mason To Snag Fauchier Partners From BNP Paribas Unit

Law360, New York (December 13, 2012, 1:25 PM EST) -- Baltimore investment house Legg Mason Inc. will pick up European fund-of-hedge-funds manager Fauchier Partners LLP, it said Thursday, outlining plans to combine it with an affiliated outfit, The Permal Group, to spawn a unit with $24 billion in assets under management.

Financial terms of the deal were not disclosed. Legg Mason will lift Fauchier ownership from the alternative-asset investment arm of Europe's BNP Paribas, it said. The parties expect to finalize the transaction in the first quarter of 2013. Legg Mason did not give a financing breakdown....
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