Legg Mason's officially got itself a hedge fund.
Legg Mason-affiliated alternatives manager Permal today completed the acquisition of Fauchier Partners, a European funds of hedge funds manager, from BNP Paribas Investment Partners.
Permal had initially announced the acquisition on Dec. 14, 2012. Fauchier's equity hedged and event-driven capabilities will be added to Permal's fixed income, credit and macro investing expertise to create an institution-centered platform managing approximately $24 billion in assets.
The combined group consists of a global investment team of 60, with offices in nine locations around the world, including New York, London, Paris and Singapore. The team will be led by Permal's Robert Kaplan and Fauchier chief executive officer Clark Fenton.
Fauchier had estimated assets under management of $5.4 billion as of Feb. 28.
Legg Mason managed $661 billion in assets as of Feb. 28.