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.

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