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Legg Mason to acquire majority stake in online RIA

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Legg Mason to acquire majority stake in online RIA

Legg Mason Inc.has agreed to buy an 82% majority equity interest in Financial Guard LLC forundisclosed terms.

Financial Guard is an online registered investment adviser andwealth management and investment advice platform. It will become part of LeggMason's alternative distribution strategies business.

KPMG Corporate Finance LLC acted as exclusive financialadviser to Financial Guard.