Legg Mason said Martin Currie will become a core independent investment affiliate, along with Brandywine Global, ClearBridge Investments, The Permal Group, QS Investors, Royce & Associates and Western Management.
As a part of the transaction, Legg Mason Australian Equities (LMAE), which has US$2.5 billion in assets under management, will become part of Martin Currie, representing a part of Legg Mason’s strategy of creating fewer and larger investment affiliates.
“Martin Currie is a perfect strategic fit for our growing equity business in Australia, where we see meaningful opportunity,” said Legg Mason chief executive Joe Sullivan.
“We believe that, over time, our global retail distribution platform will be able to meaningfully leverage Martin Currie’s broad-based investment capabilities,” he said.
Martin Currie chief executive Willie Watt said Legg Mason will be a strategic partner for its business growth.
“Most importantly for our clients, the partnership gives us investment and operational autonomy, and this means our client proposition remains unchanged,” he said.
Martin Currie has US$9.8 billion of assets under management.
