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Rating:Legg Mason Buys a Quant Shop and Another Takes the Hit Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 21, 2014

Legg Mason Buys a Quant Shop and Another Takes the Hit

News summary by MFWire's editors

You don't really need two, do you?

In March Legg Mason [profile] CEO Joe Sullivan unveiled a deal to buy New York City-based quant shop QS Investors, to integrate it with Legg's existing quant unit, Boston-based Batterymarch Financial Management, as well as Legg Mason Global Asset Allocation. Now the Batterymarch team is feeling the pain.

Reuters and Bloomberg report that, beginning in July, Legg will lay off 62 Batterymarch employees, with the unit's CEO, William Elcock, slated to head out by year-end. About 12 Batterymarch team members will stick around for the combination with QS.

And how did news of the layoffs come to light more than a month in advance? It may have something to do with a letter that Legg had to send to the state of Massachusetts under its Worker Adjustment and Retraining NotificationAct. 

Edited by: Neil Anderson, Managing Editor

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