E-Mail this Article

Legg Mason fires 62 Batterymarch employees

May 17, 2014 @ 10:55 am

+ Zoom

Legg Mason Inc. is firing 62 Batterymarch Financial Management employees as it combines the affiliate with QS Investors, the global quantitative equity firm it's purchasing this year.

The employees will depart beginning in July, and 12 will join QS Investors, spokeswoman Mary Athridge said in an e-mail. The Baltimore money manager sent a letter to the state of Massachusetts providing notice under the Worker Adjustment and Retraining Notification Act, she said.

“We are committed to continuing to deliver alpha for our clients and have retained the necessary team members to ensure that the investment processes remain intact,” the company said in an e-mailed statement. “We have provided resources to the other talented professionals at Batterymarch and thank them for their professionalism during this transition time.”

Legg Mason is spending as much as $41 million to buy QS Investors, which split from Deutsche Bank AG in 2010, according to a regulatory filing in March. Batterymarch and Legg Mason Global Asset Allocation are being integrated into QS Investors, which has $5 billion in funds under management. The transaction, expected to close in the quarter ending June 30, will result in restructuring and transition costs of about $35 million.

(Bloomberg News)

0
Comments

What do you think?

Get Daily News & Intel

Breaking news and in-depth coverage of essential topics delivered straight to your inbox.



The information entered on this page will not be used to send unsolicited e-mail, and will not be sold to a 3rd party.

REMINDER: This service is for personal use only. For commercial reprints, Web links and e-mailings please contact our Reprint Sales Manager at (732) 723-0569.