Dec 13 Asset manager Legg Mason Inc said it will buy Fauchier Partners, a Europe-based manager of funds of hedge funds, from BNP Paribas Investment Partners.
Fauchier Partners will be combined with Permal, an affiliate of Legg Mason, the company said.
"This transaction significantly expands Permal's institutional business, creating a global institutional capability across geographies and client profiles," Legg Mason's interim chief executive, Joe Sullivan, said in a statement.
The deal is expected to close in the first quarter of 2013 and add to earnings in the first year, Legg Mason said.
Terms of the transaction were not disclosed.