Legg Mason to lay off 62 from Batterymarch after QS merger

BOSTON Fri May 16, 2014 4:16pm EDT

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BOSTON (Reuters) - Legg Mason Inc (LM.N) will lay off 62 professionals from its Boston-based Batterymarch Financial Management unit as it is combined with QS Investors, a spokeswoman said on Friday, following a deal announced in March.

The Baltimore-based asset manager had said an unspecified number of jobs would be cut after its purchase of privately-held QS of New York, into which Batterymarch and Legg Mason Global Asset Allocation are being merged to form a new quantitative investing unit.

About 12 Batterymarch employees, mainly investment professionals, will remain in Boston, said Legg Mason spokeswoman Mary Athridge in a telephone interview. Batterymarch CEO William Elcock will likely leave by the end of the year, she said.

(Reporting by Ross Kerber)