Legg Mason have announced the appointment of Thomas K. Hoops, an executive with significant leadership experience in the asset management industry, as Executive Vice President and Head of Business Development.
Hoops joined Legg Mason on January 6th and will be a member of Legg Mason’s Executive Committee, reporting to CEO and President Joseph A. Sullivan. He joins Legg Mason from Wells Fargo Corporation, where he was most recently Head of Affiliated Managers for Wells Fargo Asset Management.
In this new executive role, Hoops will have responsibility for working with Legg Mason’s senior management and investment affiliates to determine the key investment product capabilities for the firm, and to develop retail products in conjunction with Legg Mason’s global distribution team. He will have primary responsibility for the firm’s strategy to deepen the network and drive potential acquisitions and lift-outs of investment firms in order to stay ahead of market trends. He will also oversee the product teams.
Joseph A. Sullivan said, 'A comprehensive global product menu is a critical component of Legg Mason’s long term success, and Tom is uniquely positioned to work with our affiliates, distribution organization and executive team to build upon our existing strengths. He has proven capabilities in managing growth and profitability across large organizations, creating products across asset classes, working with large global distribution organizations to position those products and in identifying attractive acquisition candidates to expand investment capabilities. I welcome his expertise and believe he will accelerate our efforts'.
Hoops said, 'Legg Mason is at an exciting time in its evolution as a global asset manager. Combining entrepreneurial, autonomous investment affiliates focused on serving clients with the scale advantages of a global distribution organization, is the right model to attract and retain world-class investment talent, serve clients consistently over the long-term, and deliver results for Legg Mason. Successful firms will continue to develop innovative and relevant investment solutions focused on their client needs and I see significant opportunity to expand Legg Mason’s capabilities across the globe. I look forward to working with the team at Legg Mason to create those opportunities'.