Looks like Legg Mason's CEO Joe Sullivan wants to get into alts in a big way.

Legg just announced today that it was buying New York-based quant equities shop QS Investors, a firm with $4.1 billion AUM and nearly $100 billion in assets under advisory.

What is even more interesting is Legg's plans to integrate both its existing quantitative equity platform, Batterymarch Financial Management, as well as Legg Mason Global Asset Allocation into this new purchase.

The terms of the transaction were not disclosed,

The new expanded platform will be branded under the QS Investors name, and headed by QS-founder Janet Campagna as chief executive officer and QS-veteran Rosemary Macedo as chief investment officer.  Key investment professionals from Batterymarch (BTYM) and LMGAA will join the existing QS team as senior members. 

According to the company the move is expected to give Legg "a scalable and distinct investment process and key capabilities in Custom Solutions, Liquid Alternatives, Global Quantitative Equities (including a 12-year track record in Smart Beta), and Multi-Manager Asset Allocation."

The purchase follows the January hiring of Thomas Hoops as executive vice president and head of business development. Hoops, who is an alts veteran was was given more than 80,000 Legg shares as part of his compensation to incentivize his work as Legg's rainmaker.  

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