Thomas K. Hoops was named executive vice president and head of business development at Legg Mason, confirmed company spokeswoman Mary Athridge.
The position is new. Mr. Hoops will be responsible for working with Legg Mason's senior management to drive potential acquisitions and lift-outs of investment firms and oversee the firm's product teams.
He will report to Joseph A. Sullivan, president and CEO of Legg Mason.
Mr. Hoops previously was head of affiliated managers for Wells Fargo Asset Management. The firm is planning to fill the position, according to spokeswoman Laura Fay.