LEGG MASON HAS $ 1 BILLION FOR AQUISITIONS/Benny Quetell

By Mia Lamar Legg Mason is ready to tap the keg. CFO Pete Nachtwey today borrowed a phrase from his private equity days discussing Legg’s deal plans at a Citibank conference, saying the firm has “quite a bit of dry powder” ready for much-needed acquisitions. Close watchers of the Baltimore money manager will remember its December deal to buy Fauchier Partners was its first in seven years, and also that Legg, um, needs to do more of that.

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