Legg Mason to axe employees during transition phase

Legg Mason is firing 62 Batterymarch Financial Management employees as it combines the affiliate with QS Investors, the global quantitative equity firm it’s purchasing this year.

Bloomberg News reports that the employees will depart beginning in July, and 12 will join QS Investors. The money manager sent a letter to the state of Massachusetts providing notice under the Worker Adjustment and Retraining Notification Act, she said.

'We are committed to continuing to deliver alpha for our clients and have retained the necessary team members to ensure that the investment processes remain intact', the company said in an e-mailed statement. 'We have provided resources to the other talented professionals at Batterymarch and thank them for their professionalism during this transition time'.

To access the complete Bloomberg article hit the link below:

Legg Mason Fires 62 Batterymarch Employees in Transition to QS

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