Legg Mason, the Baltimore-based investment manager, has appointed three executives to run three new asset management divisions. The new b...

Legg Mason, the Baltimore-based investment manager, has appointed three executives to run three new asset management divisions.

The new business units were formed when Legg Mason swapped its securities brokerage and capital markets business for Citigroup’s asset management arm.

The appointments were made seven months after the $3.7 billion Citigroup transaction, which almost doubled Legg Mason's assets under management, bringing them to a total of $868 billion.

The US asset management division, to be headed up by Peter Bain, comprises Legg Mason’s US-based institutional and wealth management divisions.

The firm’s wealth management business is made up of subsidiaries such as Batterymarch Financial Management, Brandywine Global Investment Management and Western Asset Management.

There is also a global managed investments unit, which will be led by Mark Fetting, and an international asset management unit, will be led by Timothy Scheve, who will remain as Legg Mason’s chief administrative officer.

Mr Fetting's unit includes the mutual funds division, whose best-known fund, the $19 billion Legg Mason Value Trust, while Mr Scheve's unit includes Legg Mason International Equities and Legg Mason Canada.