Legg Mason Inc. said Wednesday that it completed the acquisition of Fauchier Partners, a European money manager acquired from BNP Paribas Investment Partners.
The Baltimore-based money manager paid $80 million for Fauchier plus agreed to pay as much as $56 million more over the next few years if financial targets are reached.
Fauchier, a manager of funds of hedge funds, will be merged into Legg's Permal Group affiliate in New York. Fauchier had $5.4 billion in assets under management as of the end of February. Legg managed $661 billion in assets.
The deal, announced in December, was one of the major moves by Joseph A. Sullivan in his first three months as interim CEO. Sullivan, who had stepped in following the resignation of Mark Fetting, was named the permanent CEO last month.