Legg Mason acquiring Fauchier Partners

BALTIMORE (AP) -- Mutual fund company Legg Mason Inc. says it is acquiring Fauchier Partners.

The terms of the deal announced Thursday for the European manager of funds of hedge funds were not disclosed. Legg Mason says the deal is expected to close in the first quarter of 2013.

Legg Mason says Fauchier will be merged into Legg's subsidiary Permal. The combination with the alternative asset manager will give the two about $24 billion assets under management and offices in nine locations worldwide.

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