turned to a executive from Lincoln Financial
to head up its product and marketing efforts in the U.S. The Baltimore fund firm brought on board Matthew Schiffman
for the new post.
Schiffman will report to the new head of U.S. distribution. Legg Mason has yet to fill that post, which Don Froude
vacated in August for a job at Ameriprise (see
August 14, 2008). Schiffman in the meantime reports to David Penn.
Before joining Legg Mason, Stamford, Connecticut-based Schiffman was national sales manager at Lincoln Financial
. Previously he was director of sales and marketing at Prudential Annuities
, where he led the development of the unit's
Retirement Red Zone
campaign, which was later picked up by the parent firm as a corporate branding effort.
Earlier, Schiffman spent a year as national sales manager at Dreyfus Corp.
, and before that held senior posts at Manulife
"Now that Legg Mason has expanded into new distribution channels, Matt will lead an aggressive, focused campaign to identify ways in which we
can serve this expanded client base," said David Odenath
, head of the Americas.
Company Press Release
BALTIMORE, Nov. 6 /PRNewswire-FirstCall/ -- Legg Mason Inc. (NYSE: LM)
today announced the appointment of Matthew Schiffman, a 27-year industry
veteran, as Head of Product and Marketing for its U.S. Operations. In this
role, Mr. Schiffman will be responsible for directing the firm's product
development and product marketing strategy across all distribution
channels. He will be based in Stamford, CT.
Mr. Schiffman has deep experience in sales, product development and
marketing strategy across distribution channels and asset classes. Most
recently, he was National Sales Manager at Lincoln Financial. Prior to
that, he was Director of Sales and Marketing for Prudential Annuities from
2003-2006 where he was responsible for setting the strategic direction for
growth of the division across the independent, wirehouse, bank and agency
channels. From 2002-2003, he was National Sales Manager for Dreyfus
Corporation, focused on separately managed accounts, mutual funds, variable
annuities and investment-only 401Ks. From 1994 to 2002, he held senior
positions at Manulife Financial, where he had responsibility for product
development, marketing and sales strategies for the firm's annuity, life
and pension products and the firm's Section 529 platform. He has also held
senior positions at Nicholas-Applegate, and Paine Webber. He has a B.A. in
Economics from Franklin & Marshall and has completed executive programs at
Harvard Business School and the Wharton School.
At Prudential Annuities, Mr. Schiffman led the effort to develop the
division's highly successful "Retirement Red Zone" campaign, an initiative
that was ultimately adopted by the parent company as a corporate branding
effort. He also championed the development of alternative asset class
portfolios for the Prudential annuity investment platform. At Manulife, he
spearheaded the entry into the Section 529 plan market, creating the first
multi-manager broker-dealer sold College Savings Plan in 2001.
David R. Odenath, Head of the Americas for Legg Mason, commented, "Matt
has a proven track record in identifying trends in the marketplace early
and in creating strategies to build innovative products that serve investor
needs. Now that Legg Mason has expanded into new distribution channels,
Matt will lead an aggressive, focused campaign to identify ways in which we
can serve this expanded client base."
Mr. Schiffman said, "Legg Mason's investment subsidiaries collectively
have a breadth of capability across a wide variety of asset classes, and I
believe that there is tremendous potential to grow our business. I am
looking forward to working with the teams to strategically identify
innovative opportunities to build out our product offering to serve our
clients and achieve strong results for the company."
About Legg Mason
Legg Mason is a global asset management firm, with $842 billion in
assets under management at September 30, 2008. The Company provides active
asset management in many major investment centers throughout the world.
Legg Mason is headquartered in Baltimore, Maryland, and its common stock is
listed on the New York Stock Exchange (NYSE: LM).
Armie Margaret Lee
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