Legg Mason has closed the purchase of an 82% majority equity stake in online investment advisor Financial Guard for an undisclosed amount.
Financial Guard will now operate as a subsidiary of Legg Mason’s alternative distribution strategies business, which focuses on combining technology with firm investment affiliates’ capabilities to better serve clients.
The deal, which was announced on 7 July 2016, is part of Legg Mason's strategy to create choice for investors across investment capability, product and vehicle, and distribution.
Financial Guard offers investment advice through its interactive website. Its technology allows investors to create a unique profile, view all of their investments in one place, assess their portfolios with a simple grading system, and receive guidance on how to optimize their portfolio(s) to reduce overall costs.