Legg Mason Inc. announced Monday that it had completed its purchase from Deutsche Bank of the Scudder Private Investment Counsel offices in New York, Philadelphia, Cincinnati, and Chicago.
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The deal was announced Nov. 15. Its terms were not disclosed.
Scudder Private Investment Counsel's chief investment officer and all of the portfolio managers, including the managing directors of each of the four Scudder offices, have signed long-term employment agreements with Legg Mason Investment Counsel LLC, a wholly owned subsidiary of Legg Mason that was formed to run the acquired operations.
Baltimore-based Legg Mason is a holding company that supplies asset management, securities brokerage, investment banking, and related financial services.
