Legg Mason tabs new retail distribution exec

Thomas Hirschmann was named co-head of distribution for Legg Mason's Americas retail and subadvisory business, and head of institutional, overseeing the firm's insurance, subadvisory and institutional mutual fund business, according to an internal announcement obtained by Pensions & Investments, an InvestmentNews sister publication. Mr. Hirschmann, a managing director, replaces Kim Mustin, who is leaving Legg Mason “to pursue another opportunity,” according to the announcement. Reached by telephone, Legg Mason spokeswoman Mary Athridge declined to comment on Ms. Mustin's plans. Ms. Mustin wasn't immediately available for comment. Hirschmann, 46, was most recently the head of Legg Mason's asset-management operations outside the U.S., with responsibility for product development and managing relationships with the investment units. Prior to joining Legg Mason in 1998, Hirschmann was a vice president of institutional sales as HSBC Asset Management. About 70 percent of Legg Mason's $645 billion in assets are in funds managed for institutions. Its fund units include Western Asset Management, a fixed-income manager, and ClearBridge Advisors and Legg Mason Capital Management, which focus on stocks. Bloomberg contributed to this story