Legg Mason tabs new retail distribution exec

Legg Mason Inc. named Tom Hirschmann to head of its institutional unit in the U.S., replacing Kim Mustin, who is leaving the asset-management firm.
JUL 27, 2010
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

Latest News

Ameriprise, advisor on the hook to pay Edward Jones $4.7 million in trade secrets lawsuit.
Ameriprise, advisor on the hook to pay Edward Jones $4.7 million in trade secrets lawsuit.

In a constant fight over control of clients, the financial advice industry has a long history of such allegations and disputes.

Powering retirement for Wall Street
Powering retirement for Wall Street

Retirement fintech Vestwell has hit profitability and $200 million in annual recurring revenue, powering savings programs for 750,000 employers and Wall Street’s biggest firms

FINRA fines Vanguard $950,000 over decade of cost basis errors
FINRA fines Vanguard $950,000 over decade of cost basis errors

Faulty Forms 1099 and account statements reportedly left some Vanguard brokerage customers overpaying or underpaying taxes for over a decade.

More ETFs, more opportunity, more homework
More ETFs, more opportunity, more homework

The democratization of ETFs cuts both ways

Advisor moves: Raymond James, Baird add significant teams in latest recruiting push
Advisor moves: Raymond James, Baird add significant teams in latest recruiting push

Independent broker-dealers snap up experienced advisors as competition for established practices intensifies.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains