"This transaction significantly expands Permal's institutional business, creating a global institutional capability across geographies and client profiles," Joe Sullivan, Legg's interim CEO, said in statement. "This is an important step to growing our alternatives capabilities through Permal."
Fauchier Partners, which is based in London, Paris, New York and Guernsey, manages about $6 billion in assets. CEO Clark Fenton said in a statement, "Combining Fauchier Partners with Permal gives our clients the best of both firms. We maintain our existing investment process, but have the additional benefit of a much wider pool of investment talent and resources."