Sims Adds National Retail Sales Manager
Southport, CT (August 9, 2006) – Paul Saitta, 40, a veteran retail sales executive, has joined investment bank Herbert J. Sims & Co. to lead its national retail sales efforts. He will serve as Executive Vice President, National Retail Sales Manager, and will be based in Sims’s Southport, Connecticut office. Herbert J. Sims is the investment bank established in 1935. Its dedicated retail sales force manages in excess of $1 billion of client funds.
Mr. Saitta will direct all retail sales for Herbert J. Sims nationwide, with all retail brokers reporting to him. In addition, he will serve as a member of the firm’s management committee and will be instrumental in reviewing current sales practices and procedures.
Mr. Saitta joins Sims from the Bank of New York, where he was Managing Director and Sales Director for the Retail Investment and Private Bank Brokerage divisions. Previously, he was Senior Vice President at JP Morgan Investments, where he was responsible for strategic sales and distribution across partnerships with Middle Market, Private Bank, Select Banking and Employee Segments. Mr. Saitta spent the majority of his career at FleetBoston’s brokerage division, Quick and Reilly, Inc. where his last position was Senior Vice President and Director of National Sales. He completed the three-year Securities Industry Institute program at the Wharton School of Business and holds an undergraduate degree in Public Administration from Stonehill College in Massachusetts.
Said William B. Sims, CEO of Herbert J. Sims & Co., “We’re delighted to welcome Paul Saitta. We are confident that Paul’s industry expertise will enable us to accelerate our retail sales expansion.”
Tuesday, October 31, 2006
Friday, October 27, 2006
Congratulations to Jon and Yve Schultz - It's a Boy!! Kyle Doan Schultz!!
Yve Schultz and Jon welcomed their little boy to this World- Kyle Doan Schultz!
Kyle weighed in at 7lbs 8 oz., arriving on 10-21-06.
Congrats Jon and Yve and Welcome to Kyle!!
Kyle weighed in at 7lbs 8 oz., arriving on 10-21-06.
Congrats Jon and Yve and Welcome to Kyle!!
Tuesday, October 24, 2006
BofA Specialist Trial - Joe DiPrisco on the Stand
KEY NYSE WITNESS BURNED
By RODDY BOYD
October 24, 2006 -- Lawyers for indicted New York Stock Exchange trader David Finnerty savaged the credibility of an important government witnesses, showing that one of them had lied repeatedly to Big Board investigators.
The federal prosecutors are trying to pin charges of front-running on Finnerty, a former Bank of America Specialists executive. He is on trial for a series of alleged trading abuses that netted his firm over $9.4 million.
The testimony of William Ottesen, a former Bank of America Specialists clerk, was attacked on cross-examination by Fred Hafetz, Finnerty's lead defense lawyer.
Prosecutor Lauren Goldberg called Ottesen - now at Bear Wagner Specialists - to provide more support for the charges against Finnerty, who he clerked for "about eight to 10 times."
Ottesen said Finnerty not only ordered him to trade in front of customers - often by using the so-called "Freeze" button, which halted incoming orders - but pointed to his specialist badge as proof of why he was allowed to make illegal trades.
Hafetz, however, zeroed in on the fact that Ottesen lied repeatedly to NYSE market regulators in 2003 when they interviewed him about Finnerty's trading.
While Ottesen disclosed this perjury as part of a non-prosecution agreement, Hafetz appeared to have scored additional points with the jury when he read back excerpts of Ottesen NYSE regulation interviews where he denied knowing much of anything about Finnerty or his trading.
In the NYSE market regulation transcripts, Ottesen told investigators that he was "grasping at memories," and that "I didn't have a good memory [with respect to] trading with Finnerty."
Prosecutors did succeed yesterday with the testimony of Joseph DiPrisco, the new chief executive of BAS specialists. He said Finnerty's massive compensation levels - often bonuses of about $1.4 million for six months work - were tied to his remarkable profit generation and growth.
Money Manager to High Society and TQ
A Money Manager to High Society Cultivates the Art of the Schmooze By RANDALL SMITH
October 24, 2006; Page C1
Karl Wellner, money manager to the ultrarich, recalls club hopping in a convertible Bentley with one of his clients last winter in Palm Beach, Fla., when the $350,000 car ran out of gas. His client thumbed a ride to a gas station and soon the two were on their way.
All in a day's work for Mr. Wellner, a high-profile figure in the competitive business of catering to the ultrawealthy. With the bull market in its fourth year and stock indexes setting records, financial services for the rich are booming. The number of U.S. households valued at $10 million or higher more than doubled from 1995 to 2004, to 530,000, according to the Federal Reserve.
Karl Wellner in his New York office The competition includes some of the biggest names on Wall Street, many of which are themselves ramping up their efforts to tap the lucrative business. Longtime private-banking giants J.P. Morgan Chase & Co. and Citigroup Inc. are facing stiffer challenges from European companies such as UBS AG and U.S. brokerage firms such as Merrill Lynch & Co. The firm Mr. Wellner heads, Papamarkou Asset Management, is a relative small fry, with about $3 billion under management. But he represents a growing niche in the market that offers personalized treatment approaching concierge service. In addition to hitting the clubs, Mr. Wellner and his staff occasionally find themselves offering their elite clientele help with airport pickups, finding theater tickets and other errands.
The giant investment-banking rivals "are very attracted to this kind of fee business, as opposed to the deal business," says Mr. Wellner. But they may not offer "the personal treatment we will give our clients, because $10 million isn't what it used to be." As his Palm Beach adventure suggests, it is a business that relies strongly on personal relationships with prospective clients.
The firm's founder, the late Alexander "Alecko" Papamarkou, developed extensive ties to European royalty, starting with his college roommate, Luis Gomez Acebo, a Spanish businessman who later married the sister of the current king of Spain. Mr. Wellner himself was recruited for the job through social ties forged by him and his wife, Deborah Norville, the host of the syndicated TV show "Inside Edition," who served briefly as co-host of the "Today" show. They met a trustee who oversees the Papamarkou firm, John Georges, while they were guests of Tim Forbes during a six-day cruise to Alaska aboard the Highlander yacht used to promote Forbes, the family-owned magazine.
Messrs. Wellner and Georges and their wives got to know each other over a "late-night, 'til-the-finish death-round gin-rummy game," Ms. Norville recalls. Part of the selling point in this rarefied world of brokerage is the promise of social entrée. "People become clients to become part of that world," says Thorne Perkin, a Papamarkou vice president, and "recognize they will meet other people through him." Last winter, Mr. Perkin says, he and Mr. Wellner traveled to a ski resort in St. Moritz, Switzerland, in search of wealthy clients.
Mr. Wellner, a 52-year-old Stockholm native, had a varied career before joining Papamarkou in 2003. The son of a Swedish water-skiing champ who sold industrial machinery, and grandson of an industrialist in Estonia, he came to the U.S. in 1983 to manage an investment arm of Swedish vehicle maker Volvo AB. After he met Ms. Norville in 1985 on a blind date, he chose to remain in the U.S. rather than return to Volvo's home base. Mr. Wellner became chief executive of an auction house, Habsburg Feldman Auctioneers Inc., formed in part to challenge the two giants in that field, Sotheby's and Christie's International PLC.
After the art market crashed in 1990, Mr. Wellner recalls, his "investors got cold feet" and pulled the plug, losing "huge amounts of money.." Moving to Swiss bank Julius Baer Holding AG, Mr. Wellner tried commuting to Estonia after the breakup of the former Soviet empire to acquire and manage newly privatized state assets there, such as real estate for a McDonald's restaurant. But after six years of travel, he says, he "was pretty burned out." In 2000, he joined Key Asset Management, a fund of hedge funds owned by Norwegian Morton Kielland. Key and Papamarkou forged a "strategic alliance" when Mr. Wellner became Papamarkou's CEO. He and Ms. Norville have three children, an apartment on Park Avenue in Manhattan and a weekend house in Mill Neck, Long Island.
In Manhattan, he belongs to the exclusive Brook Club and Union Club, and on weekends they swim or golf at the Piping Rock club in Locust Valley, on Long Island. The royal ties of Mr. Papamarkou, who died in 1998, extended to the House of Windsor. In 2000 Prince Charles gave a dinner for 65 people, attended by Camilla Parker Bowles, whom he later married, in honor of a medical-school scholarship fund named after the Prince and Mr. Papamarkou.
Robert Higdon, executive director of the Prince of Wales Foundation, says his nickname for the Wellners is "Barbie and Ken, because they're so perfect." It was Mr. Higdon who introduced Mr. Wellner to Thomas Quick, owner of the Bentley that ran out of gas.
Mr. Quick, a Wellner client whose father founded Quick & Reilly Group Inc., the discount broker sold in 1998 for $1.6 billion, invests in hedge funds suggested by Mr. Wellner, such as a fund run by Knott Partners Management LLC. The Knott fund, which has returned 18% annually after fees since its inception in 1987, is down slightly this year, reports manager David Knott, a neighbor of Mr. Wellner's on Long Island. Mr. Wellner's firm receives annual fees of 0.5% to 1% of the amounts invested in addition to the hedge fund's fees.
In search of clients, Mr. Wellner attends a broad array of functions, including a surprise birthday lunch for Blackstone Group chief Stephen Schwarzman in March. One day last month, Mr. Wellner had lunch with client Gordon Getty, the San Francisco oil heir who was visiting to attend a funeral, and dinner with John Mack, the chief executive of Morgan Stanley. Rapid-fire schmoozing is the norm. At one fund-raiser for the Irvington Institute for Immunological Research in April, as Ms. Norville and Mr. Wellner moved through the serving line, Ms. Norville greeted current "Today" show co-host Matt Lauer. Mr. Wellner also chatted with Cendant Corp. CEO Henry Silverman, Sotheby's auction executive James Niven, Newsweek correspondent Lally Weymouth, former PaineWebber Group Inc. CEO Don Marron, and dress designer Vera Wang. Later, at their table, the Wellners gave toasts to luxury-handbag designer Cece Cord, who had recently been married. But when the two women first tried to bite into a cake wheeled out to celebrate, they discovered the layer they had served themselves was made of white plastic foam. Ms. Norville says she joked at the time that it was "the only way to keep me from eating a piece of cake." Write to Randall Smith at randall.smith@wsj.com
October 24, 2006; Page C1
Karl Wellner, money manager to the ultrarich, recalls club hopping in a convertible Bentley with one of his clients last winter in Palm Beach, Fla., when the $350,000 car ran out of gas. His client thumbed a ride to a gas station and soon the two were on their way.
All in a day's work for Mr. Wellner, a high-profile figure in the competitive business of catering to the ultrawealthy. With the bull market in its fourth year and stock indexes setting records, financial services for the rich are booming. The number of U.S. households valued at $10 million or higher more than doubled from 1995 to 2004, to 530,000, according to the Federal Reserve.
Karl Wellner in his New York office The competition includes some of the biggest names on Wall Street, many of which are themselves ramping up their efforts to tap the lucrative business. Longtime private-banking giants J.P. Morgan Chase & Co. and Citigroup Inc. are facing stiffer challenges from European companies such as UBS AG and U.S. brokerage firms such as Merrill Lynch & Co. The firm Mr. Wellner heads, Papamarkou Asset Management, is a relative small fry, with about $3 billion under management. But he represents a growing niche in the market that offers personalized treatment approaching concierge service. In addition to hitting the clubs, Mr. Wellner and his staff occasionally find themselves offering their elite clientele help with airport pickups, finding theater tickets and other errands.
The giant investment-banking rivals "are very attracted to this kind of fee business, as opposed to the deal business," says Mr. Wellner. But they may not offer "the personal treatment we will give our clients, because $10 million isn't what it used to be." As his Palm Beach adventure suggests, it is a business that relies strongly on personal relationships with prospective clients.
The firm's founder, the late Alexander "Alecko" Papamarkou, developed extensive ties to European royalty, starting with his college roommate, Luis Gomez Acebo, a Spanish businessman who later married the sister of the current king of Spain. Mr. Wellner himself was recruited for the job through social ties forged by him and his wife, Deborah Norville, the host of the syndicated TV show "Inside Edition," who served briefly as co-host of the "Today" show. They met a trustee who oversees the Papamarkou firm, John Georges, while they were guests of Tim Forbes during a six-day cruise to Alaska aboard the Highlander yacht used to promote Forbes, the family-owned magazine.
Messrs. Wellner and Georges and their wives got to know each other over a "late-night, 'til-the-finish death-round gin-rummy game," Ms. Norville recalls. Part of the selling point in this rarefied world of brokerage is the promise of social entrée. "People become clients to become part of that world," says Thorne Perkin, a Papamarkou vice president, and "recognize they will meet other people through him." Last winter, Mr. Perkin says, he and Mr. Wellner traveled to a ski resort in St. Moritz, Switzerland, in search of wealthy clients.
Mr. Wellner, a 52-year-old Stockholm native, had a varied career before joining Papamarkou in 2003. The son of a Swedish water-skiing champ who sold industrial machinery, and grandson of an industrialist in Estonia, he came to the U.S. in 1983 to manage an investment arm of Swedish vehicle maker Volvo AB. After he met Ms. Norville in 1985 on a blind date, he chose to remain in the U.S. rather than return to Volvo's home base. Mr. Wellner became chief executive of an auction house, Habsburg Feldman Auctioneers Inc., formed in part to challenge the two giants in that field, Sotheby's and Christie's International PLC.
After the art market crashed in 1990, Mr. Wellner recalls, his "investors got cold feet" and pulled the plug, losing "huge amounts of money.." Moving to Swiss bank Julius Baer Holding AG, Mr. Wellner tried commuting to Estonia after the breakup of the former Soviet empire to acquire and manage newly privatized state assets there, such as real estate for a McDonald's restaurant. But after six years of travel, he says, he "was pretty burned out." In 2000, he joined Key Asset Management, a fund of hedge funds owned by Norwegian Morton Kielland. Key and Papamarkou forged a "strategic alliance" when Mr. Wellner became Papamarkou's CEO. He and Ms. Norville have three children, an apartment on Park Avenue in Manhattan and a weekend house in Mill Neck, Long Island.
In Manhattan, he belongs to the exclusive Brook Club and Union Club, and on weekends they swim or golf at the Piping Rock club in Locust Valley, on Long Island. The royal ties of Mr. Papamarkou, who died in 1998, extended to the House of Windsor. In 2000 Prince Charles gave a dinner for 65 people, attended by Camilla Parker Bowles, whom he later married, in honor of a medical-school scholarship fund named after the Prince and Mr. Papamarkou.
Robert Higdon, executive director of the Prince of Wales Foundation, says his nickname for the Wellners is "Barbie and Ken, because they're so perfect." It was Mr. Higdon who introduced Mr. Wellner to Thomas Quick, owner of the Bentley that ran out of gas.
Mr. Quick, a Wellner client whose father founded Quick & Reilly Group Inc., the discount broker sold in 1998 for $1.6 billion, invests in hedge funds suggested by Mr. Wellner, such as a fund run by Knott Partners Management LLC. The Knott fund, which has returned 18% annually after fees since its inception in 1987, is down slightly this year, reports manager David Knott, a neighbor of Mr. Wellner's on Long Island. Mr. Wellner's firm receives annual fees of 0.5% to 1% of the amounts invested in addition to the hedge fund's fees.
In search of clients, Mr. Wellner attends a broad array of functions, including a surprise birthday lunch for Blackstone Group chief Stephen Schwarzman in March. One day last month, Mr. Wellner had lunch with client Gordon Getty, the San Francisco oil heir who was visiting to attend a funeral, and dinner with John Mack, the chief executive of Morgan Stanley. Rapid-fire schmoozing is the norm. At one fund-raiser for the Irvington Institute for Immunological Research in April, as Ms. Norville and Mr. Wellner moved through the serving line, Ms. Norville greeted current "Today" show co-host Matt Lauer. Mr. Wellner also chatted with Cendant Corp. CEO Henry Silverman, Sotheby's auction executive James Niven, Newsweek correspondent Lally Weymouth, former PaineWebber Group Inc. CEO Don Marron, and dress designer Vera Wang. Later, at their table, the Wellners gave toasts to luxury-handbag designer Cece Cord, who had recently been married. But when the two women first tried to bite into a cake wheeled out to celebrate, they discovered the layer they had served themselves was made of white plastic foam. Ms. Norville says she joked at the time that it was "the only way to keep me from eating a piece of cake." Write to Randall Smith at randall.smith@wsj.com
Wednesday, October 18, 2006
Thursday, October 12, 2006
Leslie Quick III Founding Partner Massey, Quick & Co..
Leslie C. Quick III Massey, Quick & Co.
Leslie C. Quick III is a founding partner of Massey, Quick & Co., a wealth management firm in Morristown, NJ. For the previous 28 years, he held various executive positions at the Quick & Reilly Group, Inc., which in 1998 was acquired by Fleet Financial Group, and which was consequently acquired by Bank of America in 2004.
Quick is a trustee of Oak Knoll School in Summit, New Jersey. He is on the board of directors for Market Data Insite and Automated Trading Desk LLC, the Bishop’s Financial Council for the Diocese of Metuchen and the board of St. Bonaventure University. He is also the Chairman of the Campaign for the Heart at Morristown Memorial Health Hospital in New Jersey. A recipient of the Ellis Island Medal of Honor, Quick holds an honorary degree from St. Bonaventure.
Quick to Step Down from BofA Unit
Quick Exits
BofA's Exchange Trading Chief To Move Into Different Role
In another sign that an era on Wall Street is ending, Christopher Quick has left his role as chief executive of Banc of America Specialist and will focus on developing business contacts with institutions and wealthy individuals for the bank's investment management group.
A spokesman confirmed the move Thursday, saying it was effective immediately. Joseph DiPrisco, who has been chief operating officer of the unit, will take over as CEO of the specialists division. Quick will stay on as chairman.
Quick, whose father was the founder of the brokerage Quick & Reilly, has spent his entire 27-year career in the specialist business, coming up through the ranks of the family business. The family was a fixture of the markets in the days before public ownership. Quick is a former member of the New York Stock Exchange board of directors. His brother, Peter, was president of the American Stock Exchange until stepping down in the spring of last year.
Specialists are assigned to make markets in specific stocks. Banc of America Specialist is one of the largest firms of its kind, representing more than 400 listed companies on the New York Stock Exchange, including General Motors (nyse: GM - news - people ), General Electric (nyse: GE - news - people ), JPMorgan Chase (nyse: JPM - news - people ), Wal-Mart Stores (nyse: WMT - news - people ) and Royal Dutch Shell (nyse: RDSA - news - people ).
Banc of America Specialist is the amalgam of several mergers, including Bank of America's (nyse: BAC - news - people ) purchase of FleetBoston Financial in 2004, which brought it Fleet Specialist. Fleet bought Quick & Reilly in 1998.
In the 1990s, several Wall Street banks looked to get bigger in the specialist business. Goldman Sachs Group (nyse: GS - news - people ), for example, bought Spear Leeds Kellogg in 2000, getting not only a big floor-based trading business but, perhaps more important, an electronic trading operation.
But lately the specialist business has been hammered by scandal and threatened with extinction by changes in the way NYSE Group (nyse: NYX - news - people ), the parent of the Big Board, operates.
Last year, federal prosecutors slapped indictments on 15 specialists for alleged securities fraud. Four of them were formerly of Fleet Specialist, and one of those individuals, David Finnerty, is set to go on trial this week. Finnerty was the specialist assigned to make markets in General Electric. He has pleaded not guilty.
NYSE is moving to a more electronic-based trading model in which the most actively traded stocks, such as the Dow components, would be handled by computer most of the time instead of by a specialist standing at his post on the floor of the exchange.
Banc of America, along with its chief rivals Goldman Sachs, Van Der Moolen, Bear Stearns (nyse: BSC - news - people ) and LaBranche, stands to lose revenues under this new model.
A spokesman for the bank said Quick's move was not related to any investigation but was a decision by Quick to explore new opportunities. The move was first reported by The Wall Street Journal on its Web site Thursday morning.
Quick takes on the title of business development executive and will work with institutions and wealthy individuals, reporting to Brian Moynihan, president of Bank of America's wealth and investment management division.
Wednesday, October 04, 2006
Commerce Bank Hires Nine from Starboard...
Commerce Bank hires nine from Starboard for group
Commerce Bancorp Inc. has hired nine principals and employees of the former Starboard Capital Markets to run its new Fixed Income Group for taxable government bonds and mortgage-backed securities. Starboard sales, regulatory and legal officer James M. Dotzman; coheads of institutional sales Edmund M. Deeter and W. Tyson Perry; and six other senior executives are making the switch. "It's a perfect complement" to Commerce's tax-free bond group, said Stan Gregor, chief executive officer of Commerce Capital Markets.-
Commerce Bancorp Inc. has hired nine principals and employees of the former Starboard Capital Markets to run its new Fixed Income Group for taxable government bonds and mortgage-backed securities. Starboard sales, regulatory and legal officer James M. Dotzman; coheads of institutional sales Edmund M. Deeter and W. Tyson Perry; and six other senior executives are making the switch. "It's a perfect complement" to Commerce's tax-free bond group, said Stan Gregor, chief executive officer of Commerce Capital Markets.-
TradeKing CEO Talks the Real Deal
September 20, 2006
TradeKing CEO talks ‘The Real Deal’: Web 2.0 meets online trading, exclusive interview
Posted by Donna Bogatin @ 10:14 amDigg This!
Donato A. Montanaro, Jr., TradeKing’s founder and CEO, is one of the true electronic brokerage pioneers. He worked in the nascent industry back in 1992 when, he recalls, “online trading meant connecting to a broker through CompuServe with a 1200-baud dial-up modem.”
Montanaro was the founder and President of SureTrade, launched in 1997 with the then lowest online trading commissions, $7.95. SureTrade became the 8th largest online broker and merged with Quick & Reilly’s online brand as part of Fleet Bank and Fleet Financial. Read entire article here --- http://blogs.zdnet.com/micro-markets/index.php?p=462
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Be Sure to UPDATE your Contact Information in the proper Section Below!! I have recently heard from Jim and Mary Hoffman, Howard Senescu, Alexis Richel, Don Pollard, Jim Bebry and many more alums - but not all of you have posted or updated you information on the site yet!! People want to connect -- use this site!!
Enjoy!! DF
Donald Froude tapped by Legg Mason 10/4/06
Legg Mason Names Donald E. Froude Head of U.S. Retail Distribution
BALTIMORE, Oct. 4 /PRNewswire-FirstCall/ -- Legg Mason, Inc. (NYSE: LM)
today announced the appointment of Donald E. Froude as managing director
and head of U.S. Distribution. With almost 30 years of investment services
experience, Froude will be responsible for the group's overall management
including sales, marketing, client service, product development and
business development throughout the United States.
Froude joins from Columbia Management, the asset management arm of Bank
of America, where he served as president of intermediary distribution from
2004 to 2006. Prior to that, he was chief executive officer of Quick &
Reilly, the brokerage investment arm of Fleet Boston Financial that was
folded into Bank of America in 2004. Prior to joining Quick & Reilly, he
held several leadership positions at Prudential Securities and Deutsche
Bank Alex Brown.
"Don is an accomplished business leader whose diverse sales experience
fits well with the mission of U.S. distribution as we build the new Legg
Mason after the acquisition of Citigroup's asset management businesses in
December, 2005. His chief responsibility will be to grow our assets under
management and build our U.S. business across a broader array of third
party distribution channels," stated Mark Fetting, senior executive vice
president and head of Legg Mason's managed global investments.
"Don is ideally positioned to work with our talented sales teams at
Legg Mason as we take advantage of the tremendous opportunity to bring our
highly regarded investment managers into the expanded distribution
platforms acquired with Citigroup's asset management business. Having
someone with his team-oriented approach and impressive track record will
complement the skills of our existing leaders as they undertake this
exciting task," continued Fetting.
Legg Mason, Inc. is a global asset management firm, structured as a
holding company, with on-the-ground capabilities around the world. As of
June 30, 2006, its assets under management aggregated approximately $855
billion. The firm is headquartered in Baltimore, Maryland, and its common
stock is listed on the New York Stock Exchange (symbol: LM).
BALTIMORE, Oct. 4 /PRNewswire-FirstCall/ -- Legg Mason, Inc. (NYSE: LM)
today announced the appointment of Donald E. Froude as managing director
and head of U.S. Distribution. With almost 30 years of investment services
experience, Froude will be responsible for the group's overall management
including sales, marketing, client service, product development and
business development throughout the United States.
Froude joins from Columbia Management, the asset management arm of Bank
of America, where he served as president of intermediary distribution from
2004 to 2006. Prior to that, he was chief executive officer of Quick &
Reilly, the brokerage investment arm of Fleet Boston Financial that was
folded into Bank of America in 2004. Prior to joining Quick & Reilly, he
held several leadership positions at Prudential Securities and Deutsche
Bank Alex Brown.
"Don is an accomplished business leader whose diverse sales experience
fits well with the mission of U.S. distribution as we build the new Legg
Mason after the acquisition of Citigroup's asset management businesses in
December, 2005. His chief responsibility will be to grow our assets under
management and build our U.S. business across a broader array of third
party distribution channels," stated Mark Fetting, senior executive vice
president and head of Legg Mason's managed global investments.
"Don is ideally positioned to work with our talented sales teams at
Legg Mason as we take advantage of the tremendous opportunity to bring our
highly regarded investment managers into the expanded distribution
platforms acquired with Citigroup's asset management business. Having
someone with his team-oriented approach and impressive track record will
complement the skills of our existing leaders as they undertake this
exciting task," continued Fetting.
Legg Mason, Inc. is a global asset management firm, structured as a
holding company, with on-the-ground capabilities around the world. As of
June 30, 2006, its assets under management aggregated approximately $855
billion. The firm is headquartered in Baltimore, Maryland, and its common
stock is listed on the New York Stock Exchange (symbol: LM).
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