View more on these topics

Legg Mason CEO Fetting to step down

Legg Mason chairman and chief executive officer Mark Fetting is stepping down from his roles at the asset manager on October 1.

Fetting will remain as a consultant to the company for the remainder of 2012.

The group has appointed head of global distribution Joseph Sullivan as interim chief executive officer while the board searches for a permanent CEO.

Independent director Allen Reed will become non-executive chairman. Reed has been a director of Legg Mason since 2006. He previously served as chairman, president and CEO of General Motors Asset Management Corporation and chairman and CEO of General Motors Trust Bank.

Fetting says: “The opportunity to lead Legg Mason through a crucial period of its history has been both challenging and fulfilling. I am very proud of our progress and accomplishments during the past five years. Now is the right time for new leadership to take the baton and continue to move the company forward into its next phase of growth and development.”

Reed says: “Since early 2008, Mark Fetting has led Legg Mason through a very challenging period of turmoil in the global financial markets and major changes in the asset management industry. During this period, he has been instrumental in reducing the company’s cost structure, improving its balance sheet and liquidity and positioning the company for future growth. On behalf of the entire board, I want to thank Mark for his dedication and his many contributions to Legg Mason.”

Recommended

Chelsea FS research: Assets in underperforming funds double to £33bn

Investor money in funds deemed to be underperforming has more than doubled from £12.86bn to £32.68bn in the past six months, according to research from the Chelsea Financial Services’ RedZone The number of underperforming funds has soared from 84 in the last survey, released in February, to 130 in the latest survey. The research, which […]

IMA survey shows rapid fall in UK equities exposure

The 10th annual Investment Management Association survey has shown a sharp slump in interest in UK equities. The survey shows that of the total amount invested in equities in 2011, only 37 per cent is through exposure to UK equities. This is down from 42 per cent in 2011 and almost 60 per cent in […]

Next Bank of England governor to be appointed this year

Chancellor George Osborne today revealed the next Bank of England governor will be appointed before the end of the year. Speaking in the House of Commons, Osborne promised a “fair and open” process with the job being advertised from next week. Current governor Sir Mervyn King will leave in June next year after two, four-year […]

13

FSA to focus on firms’ insolvency plans post-RDR

The FSA says it will focus next year on firms’ plans to deal with pipeline business in the event of insolvency due to an unprofitable adviser charging model. Speaking at a Succession national members’ forum in London today, FSA technical specialist Rory Percival (pictured) said as part of his work with the regulator’s RDR implementation […]

Testing the Foundation

The global economy isn’t headed into recession, at least not yet. This month, David Lafferty, Chief Market Strategist at Natixis Global Asset Management, examines current capital market and portfolio risks for signs of recession. Click Here for Capital Market Notes

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment