Baltimore, MD-headquartered Legg Mason, one of the largest asset managers in the US, has named Joseph Sullivan as its president and chief executive with immediate effect, the New York-listed firm said today.  

Sullivan, who has also been appointed to the firm’s board of directors, has served as interim CEO since October 2012 following the departure of chairman and CEO Mark Fetting, who remained as a consultant to the company through year-end. Sullivan joined BlackRock in 2008 as senior executive vice president, chief administrative officer and was most recently head of global distribution.

He said in a statement that the firm is focused on growth, both organically and via acquisitions of teams and firms that “build and diversify” its affiliate managers and fill “product gaps”.

Meanwhile, Dennis Kass has also been added to the firm’s board of directors. Kass, who takes up his new role on April 1, last year retired as CEO of Jennison Associates, an asset management firm that is wholly-owned by Prudential Financial.

As well as his positions at Legg Mason, Sullivan also serves as a current trustee and former chair of the Securities Industry Institute. He was also a chair of the fixed income committee of the National Association of Securities Dealers, a board member of the Bond Market Association and a member of the New York Stock Exchange Hearing Board.

"The board is unanimously aligned with the direction Sullivan wants to take the company and believes his no-nonsense management style will enable a fast start on the path to rebuilding Legg Mason as a premier asset management company," said W Allen Reed, Legg Mason’s non-executive chairman. 

"Importantly, Sullivan has developed a relationship with the affiliate leadership teams that the board believes will enable a collaborative and mutually beneficial process that begins a new and exciting chapter in Legg Mason’s history," Reed added.

Legg Mason is a global asset management firm with $654 billion in assets under management as at end-January.