Legg Mason has a new growth strategy after five years of investor redemptions: Acquisitions.
Bloomberg reports that CEO Joseph A. Sullivan, an insider who won the top job even as the Baltimore-based firm considered bringing in an outsider to shake things up, in March completed the purchase of fund-of-hedge-funds manager Fauchier Partners, Legg Mason’s first major takeover since 2005.
Now he’s looking to add a unit for non-U.S. equities and to expand Legg Mason’s alternative-investment offerings, he said in an interview.
'I talk about making an acquisition every day” to add non-U.S. equities, Sullivan, a 55-year-old Minneapolis native, said in an interview June 11 in New York. 'Beginning in the fall, I was directed to start moving and have a fresh-start mentality', he said, referring to directives from Allen Reed, non-executive chairman of Legg Mason’s board.
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