Legg Mason to buy private asset manager QS Investors

March 4 Tue Mar 4, 2014 7:37am EST

March 4 (Reuters) - Asset manager Legg Mason Inc said it will buy privately held QS Investors to expand its portfolio of investment products.

New York-based QS Investors has $4.1 billion assets under management and about $100 billion in assets under advisory, Legg Mason said in a statement on Tuesday.

Legg Mason said the deal will result in restructuring costs of about $35 million and will add to earnings in 2015.

Terms of the deal, which is expected to close in the first fiscal quarter of 2015, were not disclosed.

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