American money manager Legg Mason has signed a definitive agreement to purchase QS Investors, which has US$4.1 billion in assets under management and nearly US$100 billion in assets under advisory.
As a result of the transaction, Legg Mason will integrate its existing quantitative equity platform, Batterymarch Financial Management, and its existing solutions platform, Legg Mason Global Asset Allocation, into QS Investors.
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The integrated platform will be branded under the QS Investors name, and will be headed by Janet Campagna as CEO and Rosemary Macedo as chief investment officer, Legg Mason said in a statement.
Joseph Sullivan, President and CEO of Legg Mason, said: "The combination of QS Investors’ highly regarded investment capabilities and thought leadership with our existing investment teams creates a powerful offering in an area of the market that is expected to experience significant growth in the coming decade."
Janet Campagna, CEO of QS Investors, added: "QS Investors and Legg Mason share a ‘client first’ culture committed to transparency that will allow us to focus on investment strategies and serving our clients, and this unique combination will allow us to leverage Legg Mason’s global retail distribution platform, build and further strengthen our talented research and portfolio management teams, and continue to be at the forefront of innovative product development."
The acquisition is expected to close in the first fiscal quarter of FY 2015.
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