New York (HedgeCo.Net) – $648 billion global asset management firm Legg Mason, Inc., and hedge fund manager affiliate Permal have acquired Fauchier Partners, a $6 billion European based funds of hedge funds manager, from BNP Paribas Investment Partners.
Fauchier Partners will be combined with Permal, one of the largest hedge fund managers in the world, to create an institutionally focused platform (the ‘Group’) with approximately $24 billion in assets under management and offices in nine locations around the world.
Also in the works is a global investment team with approximately 60 investment professionals, based in New York, London, Paris and Singapore, which will be led by Permal’s Robert Kaplan and Fauchier Partners’ Clark Fenton. The team plans on a continued partnership with BNP Paribas Investment Partners. Terms of the deal were not disclosed.
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