Legg Mason of Baltimore has announced it will acquire 100 percent of the privately-held stock of Barrett Associates of New York for an undisclosed amount over the next five years. Nine of Barrett's principals, as well as John D. Barrett, II, the firm's chairman and CEO, will stay on under long-term agreements each has signed, Legg Mason said in a statement.

Barrett, founded in 1937, currently manages approximately $2 billion for affluent investors and families as well as for endowments and foundations. Barrett is also the investment adviser to the $21 million Barrett Growth Fund, the firm's flagship no-load fund which was introduced in February 1999.

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