Legg’s Hirschmann stepping down

Legg Mason Inc. today said James W. Hirschmann III has decided to relinquish his responsibilities as president and chief operating officer at the Baltimore-based money management firm.
APR 24, 2007
Legg Mason Inc. today said James W. Hirschmann III has decided to relinquish his responsibilities as president and chief operating officer at the Baltimore-based money management firm. He will remain based in California as chief executive officer of Western Asset Management Co., Legg Mason’s global fixed income asset manager and largest subsidiary. Mr. Hirschmann made the decision “for personal and family reasons,” Legg Mason said in a release. Raymond A. “Chip” Mason, Legg Mason’s chairman and CEO, will reassume the additional responsibility of president and has committed to continue to lead the company for at least two more years. During that period, Mr. Mason and Legg Mason’s board of directors will work to identify Mr. Mason’s successor. “Being appointed president and chief operating officer of Legg Mason a year ago was a great honor,” Mr. Hirschmann said in a statement. “And, while I believed when I accepted the position that I could split my time between Baltimore and Pasadena, I now fully appreciate that the job requires someone who will devote his or her full time and energy in Baltimore.” Headquartered in Pasadena, Calif., Western Asset Management had assets under management of about $572.8 billion at Dec. 31, representing about 60% of Legg Mason’s total assets under management.

Latest News

Dynasty CEO teases 'Virtual Shirl' as RIA execs debate AI's workforce impact
Dynasty CEO teases 'Virtual Shirl' as RIA execs debate AI's workforce impact

At Goldman Sachs’ RIA conference, Dynasty’s Shirl Penney said an AI clone trained on his emails and speeches could be the first of “hundreds of digital employees.”

Captrust adds $1.25B Pennsylvania firm in latest push into private wealth
Captrust adds $1.25B Pennsylvania firm in latest push into private wealth

The top-ranked RIA by total AUM continues to scale its wealth management arm, bringing its Pennsylvania presence to five offices.

WallStreetBets takes on the SEC — and makes a surprisingly sharp case
WallStreetBets takes on the SEC — and makes a surprisingly sharp case

The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.

Frustrated former advisor launches AI-powered CRM with $8B RIA client
Frustrated former advisor launches AI-powered CRM with $8B RIA client

Chicago Partners Wealth Advisors is helping shape the platform's product roadmap after switching from a legacy system.

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline