Odenath to lead investment manager's mutual-fund and retail SMA businesses. Asset manager Legg Mason has appointed former Prudential Financial executive David Odenath to lead its business in the Americas. This puts him in charge of Legg Mason's mutual-fund and retail managed-account businesses with oversight of Legg Mason Capital Management, Royce & Associates and ClearBridge Advisors as well as the firm's marketing and communication efforts.

"David's deep industry experience, proven ability to manage large operations and to grow earnings made him a natural candidate for this role," says Mark Fetting, president and CEO of Legg Mason. "As we continue the expansion of our products onto third party platforms and launch new offerings, his expertise in building distribution platforms will be critical."

Executive committee

Odenath was head of Prudential's annuities business and co-head of its international retirement line. Before that, from 1999 through 2002, he was president of Prudential Investments.

The appointment puts Odenath on Legg Mason's executive committee along with Fetting, CFO C.J. Daley, chief administrative officer Joseph Sullivan, head of strategy and affiliate management Peter Bain and Legg Mason International head Ron Dewhurst.

Prudential has appointed Stephen Pelletier, formerly CEO of its International Investments business, to replace Odenath. Christopher Cooper, who had been in charge of wealth management within Prudential's International Investments group, will take Pelletier's place.

Baltimore-based Legg Mason had $923 billion in assets under management on 30 June 2008.

Jersey City, N.J.-based Prudential had approximately $638 billion in assets under management at the end of June. -FWR

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