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Monday, February 04, 2008

Legg Mason Appoints Intl. Asset Management Chief

News summary by MFWire's editors

Mark Fetting has made his first hire as CEO of Legg Mason. Fetting is bringing in Ronald Dewhurst as senior managing director and head of international asset management. Dewhurst, who will join the Baltimore-headquartered company on February 11, will maintain offices in London and Melbourne, Australia.

Ron Dewhurst
Legg Mason
Head of International Asset Management
Dewhurst's post is newly created, according to a company spokeswoman.

Most recently, Dewhurst was chief executive of I00F, an Australia-based investment management firm. Earlier, he held various roles at JPMorgan.

In Legg Mason's Q4 earnings call last week, Fetting said he planned to expand Legg Mason's international capabilities.

Company Press Release

Legg Mason, Inc. (NYSE: LM) announced today that Ronald R. Dewhurst will join the Company as a Senior Managing Director and Head of International Asset Management. Mr. Dewhurst will become a senior member of Legg Mason's management team and will focus on accelerating the expansion of Legg Mason's business outside the U.S.

Mr. Dewhurst will have responsibility for planning and executing Legg Mason's global growth strategy, working with Legg Mason investment subsidiaries and distribution units throughout Europe, Asia and the Americas. He will maintain offices in London and in Melbourne, Australia. Mr. Dewhurst will join the firm on February 11th.

Most recently, Mr. Dewhurst was Chief Executive Officer of I00F, an investment management company in Australia from 2004 to 2007. Prior to that, from 1993 - 2002, he held various positions at J.P. Morgan including Head of Asian Equities, Hong Kong; Head of European Equities, London and Head of the Americas, New York, for J.P. Morgan Investment Management and J.P. Morgan Fleming Asset Management. He was also a member of the J.P. Morgan Global Committee for Private Banking and Asset Management.

Mark R. Fetting, President and CEO of Legg Mason stated, "Global expansion is one of our most important priorities as a firm. I believe that we can build upon the solid base we have in our existing distribution business to penetrate new markets that represent profitable growth for Legg Mason. Many of our subsidiaries have already begun to expand their global business, and under Ron's leadership, we expect to capture more value in markets where we are already present, and to extend our reach to new markets. Ron's deep expertise in investment services and his experience across global markets make him an important addition to our leadership team."

Mr. Dewhurst said, "I am excited to join Legg Mason, a highly respected firm that is established in key global markets, but that has room to grow. The Legg Mason investment subsidiaries represent a truly distinctive group of best-in-class asset managers. Helping Legg Mason to optimize its global franchise is a unique opportunity for me, and I look forward very much to getting started."

About Legg Mason

Legg Mason is a global asset management firm, with approximately $998 billion in assets under management as of December 31, 2007. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (Symbol: LM).

Edited by: Erin Kello

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