Perigree files circular concerning Legg Mason deal

This deal has its origins in October 1998 when the firm began a review of its strategic alternatives. A year of deliberations followed with Perigee committing to remain an institutional investment manager with a private client segment.

The firm says the need to go global came out of “the changing role of international investments and the changing characteristics of equity markets both domestically and internationally.” Perigree also decided it needed greater scale to support the cost of systems and regulatory compliance. In June 1999, the firm hired Salomon Smith Barney to review possible deals.

Last August several firms, including Legg Mason were targeted. In September and October it began the discussions that ultimately led to this deal.

Perigee says it has two goals in hooking up with Legg Mason – to deliver a wide range of U.S. products to its Canadian clients, and to ensure that the Perigee principals receive an ownership position, and remain induced to perform well for clients.

Perigee has also just filed its audited annual financials with regulators.