Legg Mason acquired a majority stake in Financial Guard, an
online wealth management and investment advice platform. The firm
will operate as part of Legg Mason's alternative distribution
strategies business, which focuses on combining technology with
Legg Mason's investment affiliates' capabilities. The
investment is part of Legg Mason's overall long-term strategy
focused on creating choice for investors across investment
capability, product and vehicle, and distribution. The transaction
is expected to expand Financial Guard's access to financial
institutions serving the needs of investors. Financial terms of the
transaction were not disclosed.
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