Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Legg Mason to buy Martin Currie

Legg Mason to buy Martin Currie

Legg Mason is set to buy Martin Currie, adding to its stable of boutiques.

The deal is expected to close in the fourth quarter. While the financial terms were not disclosed, Legg Mason said it expected the deal to be 'slightly accretive' to its earnings in the first year.

'With offices in six locations, Martin Currie expands Legg Mason's product capabilities in active equity strategies including Global Equity, Global Emerging Markets, Asian Equity, European Equity and strategies specifically focused on Japan and China,' the company said in a statement.

Martin Currie will become an affiliate of Legg Mason, alongside Brandywine Global, ClearBridge Investments, The Permal Group, QS Investors, Royce & Associates and Western Asset Management.

The senior management team have 'signed new long term contracts in conjunction with the transaction providing continued strength and stability', the company added.

'We believe Legg Mason is the ideal strategic partner to grow our business further and will position us as the strategic international equities specialist in one of the most powerful independent investment management companies globally,' Willie Watt (pictured), Martin Currie chief executive, explained.

'Most importantly for our clients, the partnership gives us investment and operational autonomy, and this means our client proposition remains unchanged,' . 

"In partnership with Legg Mason we will have efficient access to new markets and client segments through their market-leading and sizeable retail distribution network as well as valuable seed capital which will allow us to be at the forefront of new product innovation.'

Edinburgh-based Martin Currie was founded more than 130 years ago.

It was hit by a large fine two years ago over failures in China and has seen assets under management decline, although profitability has improved in recent years.

'Martin Currie's active international equity capabilities fill our largest product gap and are a perfect complement to our existing investment capabilities. Joe Sullivan, president and CEO of Legg Mason said

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Navigating geopolitical risk with ETFs

Navigating geopolitical risk with ETFs

ETFGI’s Deborah Fuhr on how investors can use exchange-traded funds to position their portfolio.

Play Sarasin’s Boucher: why I like salmon with chocolate

Sarasin’s Boucher: why I like salmon with chocolate

Henry Boucher, manager of the £129 million Sarasin Food & Agriculture Opportunities fund, explains why he is gobbling up salmon and chocolate stocks.

Play Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Alibaba hype, the UK slowdown and opportunities in European sovereign bonds

Libby Ashby and leading wealth managers analyse what the Alibaba IPO hype means for Chinese equities, slowing growth of the UK economy and whether there’s anything left to play for in the European sovereign bond market.

Wealth Manager on Twitter