Asset manager Legg Mason Inc. (NYSE: LM) is set to buy U.K. investment firm Martin Currie Holdings Ltd. for an undisclosed price.
Baltimore-based Legg Mason expects the deal to broaden the firm's product and equity offerings, namely within emerging markets.
Martin Currie is headquartered in Edinburgh, Scotland, and has offices in five other locations across Europe and Asia, namely Japan and China.
The transaction is slated to close during the fourth quarter of 2014.
Martin Currie marks yet another affiliate for Legg Mason attained via M&A. The deal comes about a month after the firm picked up New York asset manager QS Investors for $11 million, plus an additional $31 million if certain revenue targets are met.
Legg Mason recently conducted a deal from the sell side as well. Just days after the company purchased QS, advisory group Legg Mason Investment Counsel & Trust Co. NA was sold to Stifel Financial Corp. (NYSE: SF) for an undisclosed price.
In 2013, the firm bought Fauchier Partners, a European fund manager, through affiliate Permal Group. In 2005, Legg Mason took over the hedge fund operations of Permal for $800 million.
Other affiliates Legg Mason has absorbed over the years include Brandywine Global, ClearBridge Investments, Royce & Associates and Western Asset Management.
Legg Mason has roughly $704 billion in assets under management.