Dec 20, 2016 04:06 PM

Shanda to Boost Stake in U.S. Asset Manager Legg Mason

(Beijing) — Private equity firm Shanda Group will increase its stake in financial services firm Legg Mason Inc. to as much as 15% from its current 10%, boosting its presence in the U.S. asset management market as it tries to become China's latest major global investor.

As part of their growing alliance, Shanda will also invest at least $500 million in investment products affiliated to Legg Mason Inc., the companies said in a statement on Monday in the United States. Legg Mason said it hopes to take advantage of Shanda's roots as a technology company, and also its connections in Asia, particularly in China.

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