The global asset management arm of New York-listed Legg Mason has bolstered its capabilities with three acquisitions.

Legg Mason Global Asset Management has acquired EnTrust Capital, Precidian Investments and Clarion Partners.

Legg Mason has agreed to combine its existing hedge fund platform, Permal, with EnTrust Capital, a New York-headquartered hedge fund investor and alternative asset manager. The new entity, branded EnTrustPermal, will have total assets of $29 billion and will serve institutional and high net worth investors. Legg Mason will own 65 per cent of EnTrustPermal, with the remaining 35 per cent being owned by EnTrust’s co-founder and managing partner, Gregg Hymowitz.

The combination of the businesses, set to complete in mid-2016, is expected to incur restructuring and transition costs of around $100 million.

Legg Mason will also acquire an 83 per cent stake in Clarion Partners, a New York-based real estate investment firm with $40 billion in assets under management. The deal, valued at $585 million, is expected to close in the second quarter of this year.

Lastly, the company is to buy 19.9 per cent of common equity in Precidian Investments, which builds financial products, specializing in the exchange-traded fund and mutual fund development. The deal, terms of which were not disclosed, gives Legg Mason the option to acquire a majority interest in the firm's common equity.

Legg Mason, which is headquartered in Baltimore, MD, had $671.5 billion in assets under management as of the end of 2015.