Executive rejoins Legg Mason top team
Joseph Sullivan will return to Legg Mason Inc. to become chief administrative officer for the Baltimore-based money manager.
Joseph Sullivan will return to Legg Mason Inc. to become chief administrative officer for the Baltimore-based money manager.
He replaces Tim Scheve, who left Legg Mason last year to become chief executive at Philadelphia-based Janney Montgomery Scott LLC, a subsidiary of The Penn Mutual Life Insurance Co. in Horsham, Pa.
Mr. Sullivan will now be responsible for all operational functions, including technology, risk management, human resources, legal and compliance.
He had been head of fixed income for capital markets for Stifel Nicolaus & Co. Inc., a subsidiary of St. Louis-based Stifel Financial Corp., since 2005.
Mr. Sullivan previously oversaw fixed-income capital markets at Legg Mason for 12 years before the money manager’s capital markets business was acquired by Stifel in 2005.
“The opportunity to rejoin Legg Mason, with its singular focus on asset management and its vastly expanded product set and global presence, is a very exciting one for me, said Mr. Sullivan in a statement.
Legg Mason had $923 billion in assets under management June 30.
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