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.