Legg Mason tapped David Odenath from Prudential as head of the Americas. Odenath will report to president and CEO Mark Fetting, himself a Prudential alum.
Odenath will be in charge of the Baltimore firm's mutual fund and retail managed account businesses and oversee Legg Mason Capital Management, Royce & Associates and Clearbridge Advisors, as well as corporate marketing and communications.
Most recently, Odenath was president of Prudential Annuities and co-head of international retirement and before that, spent three years as president of Prudential Investments. He had also held senior roles at Hyperion Capital and Paine Webber.
Odenath's appointment on Tuesday was the second major executive announcement coming out of Legg Mason in as many days. Monday, Legg Mason announced that Joseph Sullivan will return to the firm and take on the role of chief administrative officer later this month (see The MFWire, September 8, 2008).
Company Press Release
BALTIMORE, Sept 09, 2008 /PRNewswire-FirstCall via COMTEX/ -- Legg Mason, Inc. (LM:
Legg Mason, Inc. today announced the appointment of David R. Odenath as Head of the Americas. In this role, Mr. Odenath will have responsibility for all aspects of the firm's mutual fund and retail managed account businesses; oversight of Legg Mason Capital Management, Royce & Associates, and ClearBridge Advisors; and Corporate Marketing and Communications. He will report to CEO and President Mark R. Fetting.
Mr. Odenath joins Legg Mason from Prudential Financial, where he served most recently as President of Prudential Annuities and Co-Head of International Retirement. Under Odenath's business leadership, Prudential built an innovative top-tier operation in the variable annuity business through a combination of organic growth and the successful acquisitions and integrations of the American Skandia and Allstate variable annuity businesses. From 2002, when he assumed the role, to 2007, adjusted operating income and sales for the division grew from a slight loss and $2 billion to over $700 million and almost $12 billion respectively, generating over a 20% return on equity.
From 1999 until the end of 2002, Mr. Odenath was President of Prudential Investments, with more than $100 billion in AUM across mutual fund, annuity and managed accounts. He was also a member of the Operating Committee and on the Board of Prudential Securities. During that period, Prudential successfully repositioned its retail investment operations to focus on third party distribution with an emphasis on subadvisory relationships and innovative new products. Since joining the industry in 1979 as a financial advisor, Mr. Odenath has also held senior roles at Hyperion Capital and Paine Webber.
Mr. Odenath is Chairman of the Insurance Marketing Standards Association, a nonprofit, independent organization created to strengthen consumer trust and confidence in the marketplace for individually sold life insurance, long-term care insurance and annuities. He is on the Board and the incoming Vice Chair of NAVA, an organization formed to address the need and importance of retirement income preparation and management for retirement-focused Americans. In 2000, Mr. Odenath was named Mutual Fund Marketer of the Year.
This appointment, along with the appointment of Joseph A. Sullivan as Chief Administrative Officer, fills out the Legg Mason executive leadership team. The team includes Peter L. Bain, an 8-year veteran of Legg Mason, who as Head of Strategy and Affiliate Management will continue to oversee the Institutional and Wealth Management divisions and Ron Dewhurst, who joined the firm earlier in 2008, as Head of International. Messrs. Bain, Dewhurst, Sullivan and Odenath will all hold the rank of Senior Executive Vice President. Together with Senior Vice President and Chief Financial Officer Charles J. (C.J.) Daley, Jr., this group will constitute the firm's executive committee, chaired by Mr. Fetting.
Mr. Fetting commented, "David's deep industry experience, proven ability to manage large operations and to grow earnings made him a natural candidate for this role. As we continue the expansion of our products onto third party platforms and launch new offerings, his expertise in building distribution platforms will be critical. David's thorough knowledge of the investment marketplace will be a great addition to our management team and to our distribution teams on the ground."
Mr. Odenath commented, "I look forward to working with the executive group, our marketing and distribution teams and the many talented groups of investment professionals at the Legg Mason investment subsidiaries. Legg Mason has some of the most accomplished investors in the business, and I believe we have tremendous potential to work together to grow the business. It is a very exciting time to join the firm."
About Legg Mason
Legg Mason is a global asset management firm, with $923 billion in assets under management as of June 30, 2008. 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.