Peter L. Bain, a senior executive vice president in charge of affiliate management and corporate strategy at Legg Mason Inc., is leaving at the end of the month, the Baltimore money manager said yesterday.
Bain, who joined the company in 2000, was not available to comment. He is leaving to pursue personal interests, a spokeswoman said.
FOR THE RECORD - Yesterday's article about an executive leaving Legg Mason Inc. incorrectly stated the money manager's assets under management. It was $665 billion at the end of January, from $950.1 billion on March 31, 2008.
The Baltimore Sun regrets the error.
"We thank him for his nine years of dedicated service to the firm," Legg said in a statement.
Bain, 50, was part of Chairman and Chief Executive Officer Mark R. Fetting's executive leadership team. His responsibilities will be distributed among the members of that group, the company said.
Bain was among a few names mentioned as possible successors for Legg founder Raymond A. "Chip" Mason during a long process to find a new chief executive. Fetting, who headed the division that included mutual funds, was named CEO in January 2008.
Fetting filled out his executive leadership in the fall with several key hires, including David R. Odenath as head of the firm's mutual funds and retail managed-account businesses and Joseph A. Sullivan as chief administrative officer. The rest include Ron Dewhurst, who heads international assets management, and Charles J. Daley Jr., chief financial officer.
Legg executives are working to turn around the company's lackluster performance, including those of its key mutual funds. It recently wiped out the last of the toxic securities from its money market funds that had weighed down its profits during the past four quarters.
Fetting said improving the performance of its struggling mutual funds is Legg's priority.
Legg's assets under management fell 30 percent to $665 million at the end of January, from $950.1 million on March 31, 2008.
Shares of Legg rose $1.21, or more than 9 percent, to close at $14.10 yesterday.