Legg Mason Canada is shutting down its institutional investment management business, according to a newspaper report.

It says equity clients can switch to Batterymarch Financial Management of Boston and fixed-income clients can use Western Asset Management of Los Angeles, both of which are Legg Mason subsidiaries.

Legg Mason Canada had total pension assets of $9.7 billion at the end of June.

Last month, the company announced it would sell its private-client division to Sceptre Investment Counsel.

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