A fund industry leader is ascending to the top post at his company. Mark Fetting has become Legg Mason's second-ever CEO. The move, announced yesterday afternoon, is the focus on Tuesday's WSJ Fund Track column.

Mark Fetting

The MFWire reported in December that Fetting is the frontrunner for the job (see "Will Legg Mason be Fêteing Mason's Replacement for the Holidays?" December 18, 2007).

Fetting, 53, takes the reins from Raymond "Chip" Mason, who will retire some 27 years after co-founding the asset manager. Mason is 71 years old.

The succession will not be without challenges. Tomorrow, the asset manager will hold its third quarter analysts call, putting Fetting in center stage for the first time.

Meanwhile, he inherits issues such as a falling stock price in the wake of Legg's asset swap with Citigroup and the recent issues of derivative losses in money market funds.

Prior to stepping into the roles of president and CEO, Fetting oversaw Legg Mason's mutual fund and managed account businesses. He played a key role in acquisitions including Citigroup Asset Management, Royce and Associates, Private Capital Management and Permal.

Before joining Legg Mason in June 2000, Fetting served as president of Prudential's retirement business. He earlier held stints at Greenwich Associates, T. Rowe Price and Citibank.  

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