Legg Mason agreed to acquire QS Investors, a New York-based customized solutions and global quantitative equities provider, confirmed Legg Mason spokeswoman Mary Athridge on Tuesday.
The acquisition is expected to close in the second quarter. Terms of the deal were not disclosed.
Through this acquisition, Legg Mason's existing quantitative equity subsidiary Batterymarch Financial Management and existing solutions subsidiary Legg Mason Global Asset Allocation will be integrated into QS Investors over time.
The three companies will be combined, take the QS Investors name and be led by Janet Campagna and Rosemary Macedo. The two are currently CEO and chief investment officer, respectively, at QS Investors and will retain those titles. QS Investors will continue to be based out of New York. Its entire team will remain. Certain teams from Batterymarch and LMGAA will join the QS team after a transitional period following the close.
QS Investors has $4.1 billion in assets under management and nearly $100 billion in assets under advisement. QS Investors spun out from Deutsche Asset Management as an employee-owned boutique in August 2010.