Legg Mason (LM) To Offload Entire Stake In LMM LLC

On Thursday, Legg Mason, Inc. (NYSE:LM) entered into a definitive agreement to sell its entire stake in LMM LLC to Bill Miller, Chief Investment Officer of LMM. Therefore, Miller along with the companies he controls will gain complete ownership of LMM.

The terms of the deal, which is anticipated to be sealed at or around 2016 end, remain undisclosed. However, the agreement awaits certain customary conditions and regulatory approvals.

LMM, a registered investment advisor, serves Legg Mason Opportunity Trust, Miller Income Opportunity Trust and related strategies with investment management services. After the deal closes, investment team or portfolio management responsibilities of LMM will not be altered.

Bill Miller said: "This transaction affirms my ongoing commitment to managing our funds and to our investors. I am excited about the future of LMM, and our team is dedicated to our long-term, value-driven approach and to true active management. I am thankful to Legg Mason for our 35-year relationship and to the many great people I've worked with along the way."

"Bill has been an important part of the growth and success of Legg Mason over the years and we appreciate his many contributions. We wish Bill and his team continued success in the future. Today's announcement is consistent with Legg Mason's strategy of focusing on our nine diverse managers with size and scale that can be leveraged across global distribution," said Joseph A. Sullivan, Chairman and CEO of Legg Mason.

In the current competitive world, firms are striving to focus on their core operations. Additionally, providing global clients with various investment strategies, products, vehicles and access has become their focal strategy for growth.

Some finance stocks worth considering include Enterprise Financial Services Corp. (NASDAQ:EFSC) , Comerica Incorporated (NYSE:CMA) and Old Second Bancorp Inc. (NASDAQ:OSBC) .

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