Two years after leading the rescue of US-listed asset manager Legg Mason, chief executive Mark Fetting is determined to reduce its dependence on troubled US markets. Acquisitions will form at least part of this diversification strategy.

About 65% of Legg Mason's $670bn in assets are US-based. Fetting said: "We need to get the balance down to 50%. We will do some of that through organic growth, but will also consider acquisitions."