Global asset management company Legg Mason and affiliate Permal have completely acquired Fauchier Partners, a manager of funds of hedge funds, from BNP Paribas Investment Partners.
Based on terms of the definitive agreement inked on 13 December 2012, Fauchier Partners will be integrated with Permal, in a bid to establish an institutionally focused company.
The new firm will have nearly $24bn in assets under management, offices in nine locations across the globe, and a universal investment team based in New York, London, Paris and Singapore.
Around 60 investment professionals will be included in the team after the integration, which will be supervised by Permal’s Robert Kaplan and Fauchier Partners’ Clark Fenton.
The acquisition will provide wider pension fund and insurance clientele base in Europe as well as Asia Pacific, while boosting presence and capabilities to Permal’s already established US institutional business.
Headquartered in Baltimore, Maryland, Legg Mason manages $648bn in assets under management as of 30 November 2012.
Founded in 1973, Permal Group has a workforce of more than 200 staff offices in London, New York, Boston, Nassau, Paris, Dubai, Singapore, Hong Kong and Tokyo.