Legg Mason affiliates merge to extend reach

'Business collaboration'

Legg Mason affiliates ClearBridge Investments and RARE Infrastructure have announced they are merging to boost the firms' scale and reach.

New York-based ClearBridge Investments, which is owned by Legg Mason but has investment independence, has $142.3bn in assets under management, while RARE Infrastructure is a global-listed infrastructure investment manager based in Australia that Legg Mason Global Asset Management acquired a majority equity interest in four years ago. ClearBridge said the "business collaboration" was "intended to promote operational efficiencies and enhance growth opportunities across both firms". Legg Mason opens Dublin office amid Brexit uncertainty Both firms manage concentrated, fundamentals-dri...