Former Legg executive named CEO of Old Mutual Asset Management

Peter L. Bain to move to Boston from Baltimore

Former top Legg Mason executive Peter L. Bain was appointed Tuesday as president and chief executive of Boston-based Old Mutual Asset Management.

Bain left Legg in 2009, having served as senior executive vice president in charge of affiliate management and corporate strategy. He joined Legg in 2000.

Bain will relocate to Boston from Baltimore and assume his new position on Feb. 22.

Old Mutual is selling its Baltimore-based life insurance operation to a private equity firm for $350 million. That deal is awaiting regulatory approval from the Maryland Insurance Administration.

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