Legg Mason To Acquire Majority Equity Interest In Financial Guard - Quick Facts

(RTTNews) - Legg Mason, Inc. (LM) announced it has agreed to acquire an 82% majority equity interest in Financial Guard LLC, an online investment advisor providing investment advice through its interactive website. Legg Mason plans to complement the Financial Guard platform's existing capabilities with investment products from its nine independent investment managers, including multi-asset class solutions from QS Investors.

By making the technology available to advisors and their clients, Financial Guard and Legg Mason intend to help financial institutions grow their advisory business and be well-positioned to conform to the new Department of Labor fiduciary standard, set to be implemented in April 2017.