Legg Mason says sold Private Capital Management unit

Thu Jul 25, 2013 8:19am EDT

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(Reuters) - Legg Mason Inc (LM.N) Chief Executive Joseph Sullivan said the Baltimore asset manager has sold its Private Capital Management equity investment unit to its management team.

Speaking on a conference all in connection with Legg Mason's earnings on Thursday, Sullivan said the company expects to take a $3 million charge in connection with the sale.

(Reporting by Ross Kerber; Editing by Gerald E. McCormick)

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