Photo: Legg Mason
Mutual fund giant Legg Mason has just dramatically overhauled its executive structure, Investment News reported (via @stockjockey).CEO Mark Fetting seems to be the only executive still sitting in the same seat.
The shakeup, detailed below, comes after the fund saw $13 billion in outflows in just the last quarter.
- David Odenath, who has been head of operations for the Americas, is gone after two years.
- Joseph Sullivan, who was chief administration officer, is now head of global distribution.
- Ronald Dewhurst, who was head of international operations, is now in charge of global investment management.
- Jeffrey Nattans, who was specialised investment management, will now lead the M&A division and business development.
- And last week, the firm announced that it would be welcoming former CFO of the Carlyle Group, Peter Nachtwey, as its new CFO.
Legg Mason obviously hopes the overhaul will halt the fund’s hemorrhaging of almost $13 billion in net outflows that happened in the last quarter alone. Bear in mind that the whole actively managed fund industry is having problems right now. Legg Mason — once known for its star Bill Miller — is not the only one to have fallen on hard times.
Shares of the company rose just over 2% on the news. They’re at a 52-week high at around $37, but well off old highs of over $120.
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