Legg Mason To Buy Berkshire Asset
BALTIMORE (AP) _ Brokerage and money management firm Legg Mason Inc. is acquiring investment advisory firm Berkshire Asset Management. Terms of the deal were not disclosed.
Berkshire Asset, based in Wilkes-Barre, Pa., manages about $600 million in equity, fixed income and balanced accounts for wealthy individuals and institutions. It will become a wholly-owned subsidiary of Baltimore-based Legg Mason.
Berkshire will continue to be owned by its principals, Michael H. Cook, who founded the company in 1986, and Kenneth J. Krogulski, executive vice president and chief investment officer.
In a joint announcement, the Berkshire principals said they took the step because Legg Mason offered the resources that would allow them to attract and retain money management and client service professionals.
Legg Mason CEO Raymond A. Mason said expansion of the high net worth and wealth management business is one of the company’s principal goals.
Shares of Legg Mason rose 50 cents to $40.68 3/4 in trading on the New York Stock Exchange.