July 25, 2013 / 12:21 PM / in 4 years

Legg Mason says sold Private Capital Management unit

(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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