Legg Mason in takeover talks with two firms

Legg Mason's chief executive Joe Sullivan has revealed the firm is in acquisition talks with two businesses, while it is also looking to develop its ETF capabilities.

The group, which at the end of last year bought Asian equity specialist Martin Currie, is looking for further acquisitions, and once again the opportunities are outside the US. "We are looking at two potential acquisitions, though one is more likely to happen than the other, and both of them are based outside the US," Sullivan (pictured) said. "We believe there will be industry consolidation in a meaningful way, so we will continue to see more [acquisition] opportunities." The firms he is eyeing are understood to operate in the traditional asset classes of equities and fixed income...