Legg Mason [see profile] just found a new institutional chief within as its old one moves on. According to an internal announcement obtained by The MFWire, Tom Hirschmann is about to take over institutional in the Americas, succeeding the departing Kim Mustin.

Tom Hirschmann Legg Mason Head of Institutional, Americas

Hirschmann, who hailed from institutional distribution for almost a decade before leading Legg's international distribution team and then its international asset management operations, will oversee the defined contribution investment-only, broker-dealer platform, wealth management, and variable annuity and sub-advisory channels.

Dave Eikenberry still leads DC I-O, Will Coleman leads variable annuity and sub-advisory, and Evan Davis leads wealth management. Coleman, Davis and Eikenberry all report to financial institutions head Jeff Mason, who reports to Hirschmann. (Hirschmann, in turn, will report to David Odenath, head of the Americas.)

"Tom's broad experience across numerous business operations of Legg Mason, including strong relationships with our investment affiliates, will allow him to take our efforts to the next level," Odenath stated in the announcement.

UPDATE:
OppenheimerFunds later put out an announcement confirming that Mustin is joining the New York-based mutual fund firm. Click here to view the story. 

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