Return to search

Reuters: Legg Mason Says Sold Private Capital Management Unit

Legg Mason Inc Chief Executive Joseph Sullivan said the Baltimore asset manager has sold its Private Capital Management equity investment unit to its management team, Reuters reported.

(Reuters) – Legg Mason Inc Chief Executive Joseph Sullivan said the Baltimore asset manager has sold its Private Capital Management equity investment unit to its management team.

Speaking on a conference all in connection with Legg Mason’s earnings on Thursday, Sullivan said the company expects to take a $3 million charge in connection with the sale.