After five years of redemptions, [profile]Legg Mason
is employing a new growth strategy through acquisitions reported InvestmentNews
. Legg Mason completed a purchase of Fauchier Partners in March, its first major takeover since 2005, and now CEO Joseph Sullivan wants to continue the spending spree. In an interview with IN, Sullivan said he is looking to add a unit for non-U.S. equities and expand Legg Mason's alternative investment offerings.
The acquisition isn't intended to "radically" change Legg Mason, however:
Although Sullivan is focused on expanding, he and other executives have said they won't do any deal so large it would radically transform the company. The CEO will have to convince potential acquisition targets that Legg Mason's centralized distribution model for retail products makes sense and won't undermine their independence.
Stay ahead of the news ... Sign up for our email alerts now