Mark Fetting was named president and CEO of Legg Mason, replacing Raymond Chip Mason, according to a news release the company issued late today. Mr. Mason will serve as non-executive chairman. Mr. Fetting was senior executive vice president, responsible for the firms worldwide mutual fund and managed account businesses. He has been with Legg Mason since 2000.
In late December, Moodys Investors Service changed its rating outlook for $1.02 billion of long-term debt issued by Legg Mason to negative from stable, partially over concerns about whether the firm would find a suitable successor to Mr. Mason. Moodys also cited uncertainty about money-market funds managed by affiliate Western Asset Management that have exposure to structured investment vehicles and other asset-backed commercial paper conduits.
Legg Mason has $1 trillion in assets under management.