Legg Mason has purchased the Singapore asset management business of Britain's Rothschild's asset management unit. The deal brings the Baltimore-based fund firm some $1 billion worth of fixed income and equity assets for its Asian asset management subsidiary, Reuters reports.

The price tag on the business was not disclosed.

The book of business has been on the block since December 2002 when Britain's NM Rothschild decided to exit retail and institutional fund management. HBOS Plc, a London-based bank, had previously purchased the non-Asian part of the business.

"This acquisition...gives us the solid and leverageable platform we have been seeking to expand our capabilities and client base in Singapore and other Asian markets," said Raymond Mason, Legg Mason's chairman and chief executive officer, in a statement.

Legg Mason will merge the Rothchild's business with its Western Asset, Batterymarch Financial and Legg Mason Asia units.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE