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Legg Mason Hires Wells Fargo’s Thomas Hoops to Head Acquisitions

Legg Mason Inc. hired Thomas Hoops from Wells Fargo & Co. to head business development as the firm seeks to expand its products and make acquisitions after five years of net withdrawals.

Hoops, who was head of affiliated managers for Wells Fargo’s asset-management unit, will report to Legg Mason Chief Executive Officer Joseph A. Sullivan, according to a statement today from the Baltimore-based money manager. Hoops, 49, will be responsible for potential acquisitions of investment firms and work with Legg Mason’s global distribution team to develop products for individual investors.