Reuters – Legg Mason Buys Fauchier Partners

U.S. asset manager Legg Mason Inc. said on Thursday it will buy Fauchier Partners, one of London's oldest fund-of-hedge-funds firms, from BNP Paribas Investment Partners, the latest deal in the fast-consolidating sector. London-based Fauchier, which manages $6 billion in assets and has been tipped as a possible sale target since 2011, will be merged with Legg Mason's fund-of-funds firm Permal, creating a unit with $24 billion in assets under management.

DealsNorth AmericaUSBriefs