Legg Mason completes Fauchier Partners acquisition

Legg Mason Inc. closed on its deal Wednesday to acquire Fauchier Partners Management Ltd.

Legg (NYSE: LM) will pay as much as $136 million to buy the European hedge fund manager from BNP Paribas Investment Partners. The deal was announced on Dec. 13.

Legg plans to merge Fauchier, which has $5.4 billion in assets, into Legg’s Permal Group. Permal has $16.1 billion in assets.

New Legg CEO Joseph Sullivan has said he wants to make more acquisitions like Fauchier. He is interested in acquiring…