Legg Mason is searching for a new head of distribution following the departure of Don Froude, who is joining Ameriprise next month as president of its U.S. advisor group.

In a statement, Legg Mason said that David Penn, managing director of business development and co-CEO of Legg Mason Investor Services, will be providing support to the distribution team on an interim basis.

A company spokeswoman said that the Baltimore fund firm is in the process of searching for a permanent replacement for Froude as new CEO Mark Fetting builds out his senior management team.

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Company Statement

Don Froude has decided to join Ameriprise as President of the U.S. Advisor Group. On an interim basis, David Penn, Managing Director of Business Development and co-CEO of Legg Mason Investor Services, will provide support to the entire U.S. Distribution team over the coming weeks. David will lend his counsel to help ensure that we continue to charge ahead with our key distribution activities.

During his two years at Legg Mason, as Managing Director and Head of U. S. Distribution, Don was responsible for sales, client service, product development and business development.

In his role at Legg Mason, Don helped the company to evolve its operating model to an open architecture system while expanding distribution of the company’s mutual fund families and separately managed account business across a number of channels, including National and Regional Broker/Dealers, Independent Advisors, Insurance and Institutional. We appreciate all of Don’s contributions and wish him well. 

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