Sceptre Investment Counsel Ltd. today announced an agreement in principle to purchase the Private Client Division of Legg Mason Canada.
Legg Mason Canada’s Private Client Division manages approximately $600 million in assets in four offices across Canada. Upon completion of this purchase Sceptre will have in excess of $1 billion in individual, endowment and foundation assets under management.
Sceptre will maintain the existing Legg Mason Canada affiliates as sub-advisors for foreign specialty investments in discretionary pools and segregated account management. Legg Mason Canada’s affiliates include Batterymarch Financial Management, Brandywine Global Investment Management, Private Capital Management, Legg Mason Capital Management and Berkshire Asset Management.
“Sceptre has been interested in an acquisition in this area of the managed money business for the last few years and we are pleased to have found this team of quality investment professionals. We look forward to working with them, their clients and the group of affiliated money managers at Legg Mason Canada” said Richard Knowles, president and CEO.
Subject to receipt of unitholder and regulatory approvals, the all cash acquisition is expected to close by Dec. 31, 2006 at which point all Legg Mason Canada Private Client managers and staff will join Sceptre in similar roles.
The transaction will be accretive to Sceptre’s operating earnings and cash flow in 2007.
Sceptre to buy Legg Mason Canada’s private client division
Legg Mason staff to join Sceptre in similar roles
- By: IE Staff
- November 24, 2006 November 24, 2006
- 11:40