BALTIMORE, Sept. 9 /CNW/ -- Legg Mason, Inc. (NYSE: LM) 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
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
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 (symbol: LM).
For further information:
For further information: Mary Athridge of Legg Mason, +1-212-805-6035
Web Site: http://www.leggmason.com