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Monday, June 03, 2013

Legg Mason's Sullivan Talks Deals

News summary by MFWire's editors

If you run an equity shop that invests in non-U.S. assets, Legg Mason's Joe Sullivan just might be calling you. The Financial Times reports that the Sullivan plans to buy a non-U.S. equity shop to plug holes in exposure, draw in more investors and reverse outflows.

“[Finding] a quality non-US equity firm [will be] a game changer for us,” the FT's Madison Marriage quotes him as saying.

Madison adds that Sullivan also said that Legg "does not currently have 'a compelling line-up of non-US equity products'," even though several affiliates already offer such products.

“We can do so much more and the key to that is adding products in the non-US equity space. We want more of our revenue and more of our business to come from equities," Sullivan told the Financial Times.

Further, Sullivan also wants to develop Legg's retail investor base, which FT says accounts for roughly a third of the firm's clients.

Read more in the Financial Times article

Edited by: Tommy Fernandez

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