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Monday, January 06, 2014

Legg Hires a Rainmaker

Reported by Tommy Fernandez

Legg Mason has hired someone to bring in the rain.

The roughly $675 billion AUM firm has hired Thomas Hoops to serve as executive vice president and head of business development.

Hoops was previously with Wells Fargo Asset Management (the fund management arm being Wells Fargo Funds Management) as head of affiliated managers.

At Legg, Hoops will have a variety of responsibilities. For example, he will work with senior Legg management and investment affiliates to determine the key investment product capabilities for the firm, and to develop retail products in conjunction with the firm's global distribution team.  He will have primary responsibility for the firm's strategy to deepen the network and drive potential acquisitions and lift-outs of investment firms in order to stay ahead of market trends.  He will also oversee the product teams.

He will also be a member of the firm's Executive Committee and will report to chief executive officer and president Joseph Sullivan.

In a statement, Sullivan declared that "a comprehensive global product menu is a critical component of Legg Mason's long term success, and Tom is uniquely positioned to work with our affiliates, distribution organization and executive team to build upon our existing strengths.  He has proven capabilities in managing growth and profitability across large organizations, creating products across asset classes, working with large global distribution organizations to position those products and in identifying attractive acquisition candidates to expand investment capabilities.  I welcome his expertise and believe he will accelerate our efforts."

The hiring also garnered the attention of a number of other outlets, including Thomas K. Hoops, an executive with significant leadership experience in the asset management industry, as Executive Vice President and Head of Business Development.  Mr. Hoops joined Legg Mason on January 6th and will be a member of Legg Mason's Executive Committee, reporting to CEO and President Joseph A. Sullivan.  He joins Legg Mason from Wells Fargo Corporation, where he was most recently Head of Affiliated Managers for Wells Fargo Asset Managemen Bloomberg, the Wall Street Journal, and KCTV5

Here is the press release:
Company Press Release

Legg Mason Appoints Thomas K. Hoops Head Of Business Development



BALTIMORE, Jan. 6, 2014 -- Legg Mason, Inc. (LM) today announced the appointment of Thomas K. Hoops, an executive with significant leadership experience in the asset management industry, as Executive Vice President and Head of Business Development.  Mr. Hoops joined Legg Mason on January 6th and will be a member of Legg Mason's Executive Committee, reporting to CEO and President Joseph A. Sullivan.  He joins Legg Mason from Wells Fargo Corporation, where he was most recently Head of Affiliated Managers for Wells Fargo Asset Management. 

In this new executive role, Mr. Hoops will have responsibility for working with Legg Mason's senior management and investment affiliates to determine the key investment product capabilities for the firm, and to develop retail products in conjunction with Legg Mason's global distribution team.  He will have primary responsibility for the firm's strategy to deepen the network and drive potential acquisitions and lift-outs of investment firms in order to stay ahead of market trends.  He will also oversee the product teams.

Joseph A. Sullivan said, "A comprehensive global product menu is a critical component of Legg Mason's long term success, and Tom is uniquely positioned to work with our affiliates, distribution organization and executive team to build upon our existing strengths.  He has proven capabilities in managing growth and profitability across large organizations, creating products across asset classes, working with large global distribution organizations to position those products and in identifying attractive acquisition candidates to expand investment capabilities.  I welcome his expertise and believe he will accelerate our efforts."

Thomas Hoops said, "Legg Mason is at an exciting time in its evolution as a global asset manager.  Combining entrepreneurial, autonomous investment affiliates focused on serving clients with the scale advantages of a global distribution organization, is the right model to attract and retain world-class investment talent, serve clients consistently over the long-term, and deliver results for Legg Mason.  Successful firms will continue to develop innovative and relevant investment solutions focused on their client needs and I see significant opportunity to expand Legg Mason's capabilities across the globe.  I look forward to working with the team at Legg Mason to create those opportunities." 

Background of Mr. Hoops

Mr. Hoops has been with Wells Fargo and predecessor organizations since 2000.  As Head of Affiliated Managers at Wells Fargo Asset Management, he had responsibility for the growth and profitability of $115 billion in AUM across affiliated investment firms with expertise in alternative investments, quantitative strategies, and specialty asset classes.  He has held that position since 2009.  Previously, he served as Chief Operating Officer of Evergreen Investments and Wachovia Global Asset Management, based in London and Charlotte.  He has also been Director of Corporate Development for Wachovia Corporation and Chief Investment Officer of Wachovia Strategic Ventures. 

Prior to joining Wells Fargo / Wachovia, he was a Managing Director at a boutique investment bank which specialized in M&A advisory for emerging growth and middle-market companies and their owners. He began his career as a credit analyst at First Union National Bank in Charlotte.  He has a B.S. in Computer Science and Economics from Duke University, a J.D from the University of North Carolina, School of Law and an M.B.A. from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. 

About Legg Mason

Legg Mason is a global asset management firm with $675 billion in assets under management as of November 30, 2013. 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 (LM).
 

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