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Rating:Reorg Spells New Roles for Legg Mason Execs Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, May 23, 2011

Reorg Spells New Roles for Legg Mason Execs

Reported by Armie Margaret Lee

Joe Sullivan, who became Legg Mason's [see profile] global head of distribution last December, has named the key executives of the distribution unit and launched a search for a head of global product.

Sullivan tapped Tom Hirschmann as head of U.S. sales, according to a May 10 memo, a copy of which was obtained by The MFWire.com. Hirschmann, previously head of institutional, now oversees the NBD and IAD external sales teams, internal sales, retail national accounts, institutional sales, account services and investment management services.

Terry Johnson will continue to head up international sales.

Matt Schiffman, previously head of retail for the Americas, has stepped into the newly created role of head of global marketing, overseeing marketing teams in the US and UK. He will also become the global spokesperson for distribution.

Jeremy O'Shea took on the post of head of global sales support, with the mandate of delivering non-sales business management functions globally.

Meanwhile, a search is underway for a head of global product. In the interim, Rob Shearman will continue to oversee international product and Schiffman will continue to oversee U.S. product.

"Over the last four months our distribution leadership teams and I have been working diligently to analyze both the U.S. and International Distribution organizations, now LMGD, to determine the most effective structure for delivering on our modified business strategy," Sullivan wrote in the memo.

The new sales organization, he said, "will be more focused and better positioned to collaboratively leverage the powerful combination of our independent Affiliate investment managers, our extensive intermediary relationships, and our robust shared services."

In other news, Legg Mason's head of marketing for the Americas, Benji Baer, is leaving to join J.P. Morgan as chief retirement marketing officer, according to a press release issued by J.P. Morgan today. Baer will start at J.P. Morgan on June 20 and report to Richard Chambers, chief marketing officer at J.P. Morgan Investment Management Americas.

Schiffman, Legg Mason's global head of marketing, will handle Baer's duties until a permanent replacement for her is named.

The MFWire.com has also learned that Laura Zimmerman, who joined Legg Mason last June as head of marketing and product in the U.S., is no longer with the company.  

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