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Tuesday, February 17, 2009

Legg Mason Names Institutional Head

News summary by MFWire's editors

Legg Mason hired Kimberly Mustin as managing director, head of institutional business for the Americas. She will report to David Odenath, senior executive vice president and head of the Americas.

Mustin's role is new, Legg Mason spokeswoman Mary Athridge told The MFWire.

Previously, Mustin spent nine years at Deutsche Bank, most recently in the role of managing director of the financial institutions group.
Company Press Release

BALTIMORE, Feb. 17 /PRNewswire-FirstCall/ -- Legg Mason, Inc. (NYSE:LM) today announced the appointment of Kimberly M. Mustin, an industry veteran with approximately two decades of experience, as Managing Director, Head of Institutional Business for the Americas. She will report to David R. Odenath, Senior Executive Vice President and Head of the Americas for Legg Mason.

In her new role, Ms. Mustin will have responsibility for expanding the penetration of the firm's investment products, including mutual funds and separately managed accounts (SMAs), into third party institutions. She will oversee account management of all broker/dealer relationships, as well as platform sales and affiliate relations for the Americas distribution organization.

Ms. Mustin joins Legg Mason after nine years at Deutsche Bank, where she was most recently Managing Director of the Financial Institutions Group. She was responsible for the developing the firm's asset management business across a broad base of client segments, including defined contribution, third party insurance, mutual fund supervisory, consultant relations and trust and private banking. Prior to that, Ms. Mustin worked with Scudder Investments during its integration into Deutsche Bank/DWS Asset Management, serving as Head of Consulting and Relationship Management for the Retirement business.

Before joining Scudder in 1999, Ms. Mustin was a Principal at State Street Global Advisors, where she designed and implemented an M&A practice to assist restructured companies in consolidating their retirement plans. She started her career in asset management as a Senior Consultant at Putnam Investments. She holds a B.A. in Accounting from the University of West Florida.

David Odenath commented, "Kim has a proven ability to work successfully with all types of intermediaries, to drive high performance sales teams, to win institutional mandates, to retain client assets and to deliver excellent service. As we look to the Institutional segment as a key engine of growth for our mutual fund and SMA business, I know that Kim can make an immediate impact on our efforts and provide strong leadership."

Kim Mustin said, "Legg Mason represents a great opportunity to tap into the capabilities of its best-in-class investment affiliates and to grow our business across multiple platforms. I look forward to working with the leadership team in the Americas to continue building the Institutional franchise in these important channels."

About Legg Mason

Legg Mason is a global asset management firm, with $698 billion in assets under management at December 31, 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 (symbol: LM).

Edited by: Armie Margaret Lee

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