Elizabeth Hughes was hired by Legg Mason Capital Management as senior vice president and director of corporate strategy. It is a new position, said Jeffrey Bukowski, spokesman for Legg Mason, which manages roughly $51 billion in assets. Ms. Hughes will focus on implementing "long-term strategic initiatives," including development of new products and product pricing, Mr. Bukowski said. Ms. Hughes was a principal at McKinsey & Co., responsible for advising the firm's asset management clients on strategy and business development. Mitch Kent, spokesman for McKinsey, was not available for comment on Ms. Hughes' replacement.
Kathryn B. McGrath, Stephanie M. Monaco and Joseph Goldstein, former SEC officials who were part of the securities team at the law firm of Crowell & Moring, defected to the law firm of Mayer, Brown, Rowe & Maw. Ms. McGrath was the head of the SEC's investment management division from 1983 to 1990; Ms. Monaco was of counsel to the SEC's investment management division; and Mr. Goldstein was associate director in the SEC's enforcement division. The move was "initiated by some of the folks in our securities group that do SEC enforcement work, and we wanted to stay with our entire group," Ms. McGrath said; in all, nine people moved to the new firm. "Crowell is a very fine law firm, and they'll do just fine without us," she added.
Jeffrey R. Cagnina was named president of Hunt Financial Ventures, a hedge funds-of-funds manager which runs $750 million for institutional and high-net-worth clients. It is a new position, said Steven W. Caple, chief operating officer. Mr. Cagnina, who will join HFV Aug. 8, was managing director for U.S. institutional sales at hedge funds-of-funds manager Optima Fund Management. Donald S. Johnston, director, client service and marketing at Optima, did not return a call seeking information about Mr. Cagnina's replacement.