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Friday, June 12, 2015

Sullivan Wants to Bolt On Boutiques

News summary by MFWire's editors

When Joe Sullivan goes deal-hunting, he's looking for boutiques that could fit into Legg Mason's [profile] existing subsidiaries.

Rick Seltzer of the Baltimore Business Journal reports that on Tuesday Sullivan (Legg's CEO) talked about his acquisition strategy for the Baltimore-based, publicly-traded mutual fund shop.

"We are very open to strengthening our existing affiliates by bolting acquisitions into them to make them better or stronger," Sullivan reportedly said Tuesday at a Morgan Stanley event in New York City.

To figure out where your shop might fit in, take a look at Legg's current affiliates:

  • Philadelphia-based Brandywine Global Investment Management, a value manager with $66 billion in AUM and 230 employees (as of March 31, 2015);

  • New York City-based ClearBridge Investments, an equity manager with $117.8 billion in AUM and 200 employees (as of March 31), and additional offices in Baltimore, San Francisco, and Wilmington;

  • Legg Mason Poland, a fundamental, bottom-up asset manager that invests in bonds and equities;

  • Edinburgh-based Martin Currie, an active, fundamentals-focused equity manager;

  • London-based Permal, a global alternative asset manager with about $21 billion in AUM and additional offices in Beijing, Dubai, Hong Kong, Nassau, Paris, and Singapore, as well as New York City;

  • New York City-based QS Investors, an institutional active equities and liquid alternatives quantitative asset manager and advisory firm, with $4.1 billion in AUM and nearly $100 billion in AUA;

  • New York City-based Royce Funds, a small cap value manager with about $30 billion in AUM (as of March 31); and

  • Pasadena, California-based Western Asset (Western Asset Management Company, Wamco), a fixed income asset manager with $454.8 billion in AUM (as of March 31) and additional offices in Dubai, Hong Kong, London, Melbourne, New York City, Sao Paulo, Singapore, and Tokyo.

    As of April 30, 2015, Legg Mason and all of its affiliates combined had more than $707 billion in AUM and about 3,100 employees. 

    Edited by: Neil Anderson, Managing Editor

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