Legg Mason Appoints Thomas K. Hoops Head Of Business Development
BALTIMORE, Jan. 6, 2014
BALTIMORE, Jan. 6, 2014 /PRNewswire/ --Legg Mason, Inc. (NYSE: LM) today
announced the appointment of Thomas K. Hoops, an executive with significant
leadership experience in the asset management industry, as Executive Vice
President and Head of Business Development. Mr. Hoops joined Legg Mason on
January 6th and will be a member of Legg Mason's Executive Committee,
reporting to CEO and President Joseph A. Sullivan. He joins Legg Mason from
Wells Fargo Corporation, where he was most recently Head of Affiliated
Managers for Wells Fargo Asset Management.
In this new executive role, Mr. Hoops will have responsibility for working
with Legg Mason's senior management and investment affiliates to determine the
key investment product capabilities for the firm, and to develop retail
products in conjunction with Legg Mason's global distribution team. He will
have primary responsibility for the firm's strategy to deepen the network and
drive potential acquisitions and lift-outs of investment firms in order to
stay ahead of market trends. He will also oversee the product teams.
Joseph A. Sullivan said, "A comprehensive global product menu is a critical
component of Legg Mason's long term success, and Tom is uniquely positioned to
work with our affiliates, distribution organization and executive team to
build upon our existing strengths. He has proven capabilities in managing
growth and profitability across large organizations, creating products across
asset classes, working with large global distribution organizations to
position those products and in identifying attractive acquisition candidates
to expand investment capabilities. I welcome his expertise and believe he
will accelerate our efforts."
Thomas Hoops said, "Legg Mason is at an exciting time in its evolution as a
global asset manager. Combining entrepreneurial, autonomous investment
affiliates focused on serving clients with the scale advantages of a global
distribution organization, is the right model to attract and retain
world-class investment talent, serve clients consistently over the long-term,
and deliver results for Legg Mason. Successful firms will continue to develop
innovative and relevant investment solutions focused on their client needs and
I see significant opportunity to expand Legg Mason's capabilities across the
globe. I look forward to working with the team at Legg Mason to create those
Background of Mr. Hoops
Mr. Hoops has been with Wells Fargo and predecessor organizations since 2000.
As Head of Affiliated Managers at Wells Fargo Asset Management, he had
responsibility for the growth and profitability of $115 billion in AUM across
affiliated investment firms with expertise in alternative investments,
quantitative strategies, and specialty asset classes. He has held that
position since 2009. Previously, he served as Chief Operating Officer of
Evergreen Investments and Wachovia Global Asset Management, based in London
and Charlotte. He has also been Director of Corporate Development for
Wachovia Corporation and Chief Investment Officer of Wachovia Strategic
Prior to joining Wells Fargo / Wachovia, he was a Managing Director at a
boutique investment bank which specialized in M&A advisory for emerging growth
and middle-market companies and their owners. He began his career as a credit
analyst at First Union National Bank in Charlotte. He has a B.S. in Computer
Science and Economics from Duke University, a J.D from the University of North
Carolina, School of Law and an M.B.A. from the Kenan-Flagler Business School
at the University of North Carolina at Chapel Hill.
About Legg Mason
Legg Mason is a global asset management firm with $675 billion in assets under
management as of November 30, 2013. The Company provides active asset
management in many major investment centers throughout the world. Legg Mason
is headquartered in Baltimore, Maryland, and its common stock is listed on the
New York Stock Exchange (symbol: LM).
SOURCE Legg Mason, Inc.
Contact: Investors: Alan Magleby, (410) 454-5246, firstname.lastname@example.org, or
Media: Mary Athridge, (212) 805-6035, email@example.com
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