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Monday, December 20, 2010

Fetting Shakes Up Legg Mason's Top Ranks

Reported by Armie Margaret Lee

Mark Fetting has reorganized his senior team, installing a new distribution chief and a point person for M&A. Meanwhile, Dave Odenath, head of Americas at Legg Mason, is leaving at the end of the year "to pursue other opportunities," according to a press release Monday morning.

Joe Sullivan
Legg Mason
Global Head of Distribution
Fetting appointed Joseph Sullivan, most recently chief administrative officer, as global head of distribution, Jeffrey Nattans as head of M&A and business development and Ronald Dewhurst as head of global investment managers.

This is the first time that Legg Mason has had someone on its executive team dedicated to M&A, company spokeswoman Mary Athridge told The MFWire.com.

Jeff Nattans
Legg Mason
Head of M&A and Business Development
And as reported last week, Legg Mason hired Peter Nachtwey as chief financial officer. Nachtwey, who previously worked at The Carlyle Group, will join Legg in January and will also assume some of Sullivan's former duties.

Legg Mason also named its general counsel, Thomas Lemke, to its executive committee.

The five report to Fetting and make up the Baltimore-headquartered company's executive committee.

Ron Dewhurst
Legg Mason
Head of Global Investment Managers
In the press release, Fetting said the new management structure is "designed to be a catalyst for a global organization that moves with single purpose and direction as we take advantage of opportunities in 2011 and beyond."

The company, he added, will focus on three strategic drivers of growth: "maintaining and expanding our group of outstanding investment managers, delivering strategic value from our corporate center, and continuing to build a balanced portfolio of affiliates across asset classes, geographies and channels.Ē
Company Press Release


BALTIMORE, December 20, 2010 Ė Legg Mason Inc., (NYSE:LM) today announced that it has realigned its senior management responsibilities as it focuses on its future growth opportunities. The new leadership team will have clear responsibilities for key strategic areas of the business as Legg Mason enters calendar year 2011, having announced a number of streamlining initiatives in 2010.

The new executive team structure is as follows:

Joseph A. Sullivan has been named Head of Global Distribution. As Legg Masonís Chief Administrative Officer, he led the firmís streamlining initiatives. He will now draw upon his former extensive sales and brokerage experience at Legg Mason Wood Walker and Stifel Nicholas, and will seek to enhance Legg Masonís penetration on a global basis by adopting best practices from both the Americas and International distribution teams. He will also continue to oversee the execution of the transition plans established for the Companyís recent streamlining initiative to its conclusion.

Ronald R. Dewhurst has been named Head of Global Investment Managers. As Head of International for Legg Mason, he led the expansion of the firmís international business. He will build upon his success in building asset management businesses at J.P. Morgan and as the CEO of I00F, an asset manager in Australia. He will now work with Legg Masonís investment affiliates worldwide on strategic initiatives to build their business, and will be based in New York.

Jeffrey A. Nattans has been named Head of M&A and Business Development. Mr. Nattans will lead the organizationís efforts on strategy, mergers & acquisitions and strategic affiliate initiatives. Since joining from Goldman Sachs in 2006, he has worked on strategy and growth initiatives for the firm and will also draw upon his recent experience in working with the firmís specialized investment managers.

Peter H. Nachtwey has been named to an expanded Chief Financial Officer role. As announced last week, Mr. Nachtwey will join Legg Mason in January, after serving as CFO of The Carlyle Group, where he also held responsibility for many of the firmís operational and technology functions. Mr. Nachtwey spent more than 25 years at Deloitte & Touche, ultimately leading the first integrated Investment Management practice of the Big Four accounting firms. At Legg Mason, he will take on responsibility for many critical administrative areas within the Corporate Center.

Thomas P. Lemke, Legg Masonís General Counsel, joins the firmís Executive Committee. Mr. Lemke joined Legg Mason as General Counsel in 2005, after more than 20 years experience in the industry. He was previously a partner at Morgan Lewis, where he held a senior role in the firmís asset management practice. He began his career at the SEC, culminating as Chief Counsel of the Investment Management Division. He will have expanded responsibility that includes legal and compliance, the U.S. Fund Boards, Global Fund Administration, Internal Audit and Risk Management.

All five executives report to Mark Fetting and together form the firmís Executive Committee. David R. Odenath, formerly the Head of the Americas for Legg Mason, will leave Legg Mason at year end to pursue other opportunities.

Mark R. Fetting, Chairman and CEO, said: ďThis new management structure is designed to be a catalyst for a global organization that moves with single purpose and direction as we take advantage of opportunities in 2011 and beyond. Our management team and our affiliates are now fully engaged in playing offense. I will focus on executing the strategy we have laid out to solidify our position as a top global asset management firm. Collectively, we will focus on the three key strategic drivers of growth: maintaining and expanding our group of outstanding investment managers, delivering strategic value from our corporate center, and continuing to build a balanced portfolio of affiliates across asset classes, geographies and channels.Ē

Finally, I would like to thank Dave Odenath for his many contributions as a member of our executive team. Dave has built a dedicated team in the Americas Division with impressive momentum around diversifying our distribution partners and innovative products,ď Mr. Fetting concluded.

About Legg Mason

Legg Mason is a global asset management firm with $668 billion in assets under management as of November 30, 2010. 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).

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