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Article: Legg Mason Buying Another Money Manager for Rich.(Barrett Associates Inc.)(Brief Article)
- Article from:
- American Banker
- Article date:
- December 14, 2000
- Author:
CopyrightCOPYRIGHT 2000 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Legg Mason Inc., continuing its campaign to attract high-net-worth investors, is buying another money management firm that serves the wealthy.
Barrett Associates Inc., based in New York, oversees $2 billion in portfolios of high-net-worth individuals and institutions. It will be the fourth such firm acquired by Legg Mason, but the first that will be a subsidiary of Legg Mason Trust FSB. In September 1999, the Baltimore regional brokerage firm obtained a nationwide thrift charter allowing it to provide trust services.
"The strategic vision is to diversify into the high-net-worth arena by providing a full range of financial services," said Jennifer ...