Legg Mason of Baltimore, Md. has agreed to acquire Perigee, the ninth largest Canadian-based money management firm, based in Toronto. The acquisition will be structured as a stock swap. The firm's principals will remain. Perigee will become a wholly-owned subsidiary of Legg Mason.
Perigee, with satellite offices in Montreal, Vancouver and Waterloo, manages about $14 billion in assets for institutional and retail clients through separate accounts, pooled funds and a family of 12 proprietary no-load mutual funds.
Total assets under management fell to $14 billion from almost $19 billion in 1999, according to Perigee's website.
Through the deal, Perigee hopes to expand its product offerings to its Canadian clients, according to Alex Wilson, CEO and managing principal of Perigee.
The acquisition allows Legg Mason to enter the Canadian market. Legg Mason, with total assets under management of $104 billion, provides investment advisory services through its $19 billion, 24-fund Legg Mason Fund Adviser unit established in 1982, and securities brokerage through its Legg Mason, Wood Walker brokerage unit.