Legg Mason of Baltimore, Md., announced that it has acquired Berkshire Asset Management of Wilkes-Barre, Penn., a firm that manages assets for high-net-worth individuals and institutions.

Berkshire, which was founded in 1986, has about $600 million in assets under management. Terms of the transaction, which closed Sept. 2, were not disclosed. The acquisition was announced Sept. 7 for the first time.

Berkshire is now a wholly-owned subsidiary of Legg Mason and will continue to be managed by its principals, Michael H. Cook, president and CEO, and Kenneth J. Krogulski, executive vice president and CIO, the announcement said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.