Legg Mason Acquires Fund of Funds Manager

Legg Mason has acquired Fauchier Partners, the investment bank said in an official statement. Fauchier, a unit of BNP Paribas , is a fund-of-hedge-funds manager that Legg Mason will combine with its Permal asset management affiliate. This combination will result in an entity with around $24 billion in assets under management.

The purchase is the latest in a wave of mergers and acquisitions of hedge funds and related enterprises. Earlier this year, KKR bought Prisma Capital Partners, and Franklin Resources took a majority share of K2 Advisors.

Legg Mason did not disclose the terms of its acquisition or the price. It expects the Fauchier transaction to close in 1Q 2013 and be accretive to earnings in the first year.

The article Legg Mason Acquires Fund of Funds Manager originally appeared on Fool.com.

Eric Volkman has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.