Brokerdealer Legg Mason has acquired Martin Currie Investment Management, a U.K.-based active global equity specialist, according to a press announcement by the firm.

The transaction is scheduled to close during the fourth quarter of 2014. Financial terms were not disclosed.

Martin Currie will become an independent investment affiliate of Legg Mason, along with Brandywine Global, ClearBridge Investments, The Permal Group, QS Investors, Royce & Associates and Western Asset Management.

Martin Currie has $9.8 billion in AUM, which would bring Legg Mason’s total to $713.8 billion.

Also as part of this transaction, Legg Mason Australian Equities, an active Australian equities manager, will become part of Martin Currie. LMAE’s strategies include small cap, property/infrastructure, income and large-cap value. LMAE’s investment teams will continue to manage these strategies.

More details to come.

Original Story Link: http://www.pionline.com/article/20140724/ONLINE/140729919/legg-mason-acquires-martin-currie