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Wednesday, March 28, 2007

Setting or Fetting?

by: Erin Kello

After staying on for a 17 months at Legg Mason Wood Walker after a takerover by Citigroup's Smith Barney, David Penn,has rejoined Legg Mason. Todays WSJ Fundtrack reports that Penn is the first high-ranking executive to head to greener pastures after the takeover.

At Legg Mason the role he is to assume has not yet been clearly defined, but in May he will assume the responsibilities of managing director at the global managed-investments group. Penn will work under under Mark Fetting, who heads Legg Mason's unit for mutual funds, separately managed accounts and other retail-focused products. He cites the usual "doing it for my family" reason. 

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