Legg Mason Appoints Ursula Schliessler As Chief Administrative Officer

BALTIMORE, March 11, 2015 /PRNewswire/ -- Legg Mason Inc. (NYSE: LM) today announced the appointment of Ursula Schliessler as its Chief Administrative Officer, replacing Jennifer Murphy, who will join Legg Mason's largest investment affiliate, Western Asset, as its Chief Operating Officer.  Ms. Schliessler, based out of London, will assume her role at the beginning of April, 2015, while Ms. Murphy will join Western Asset at the beginning of May 2015 and be based out of Pasadena, CA. 

Most recently Head of Global Distribution Business Management, Ms. Schliessler, as Chief Administrative Officer, will oversee the firm's technology, human resources, risk management, internal audit, real estate and fund accounting departments. 

Joseph A. Sullivan, Chairman and CEO of Legg Mason said, "I am delighted to welcome Ursula to Legg Mason's Executive Committee and this important role, a reflection of our business becoming increasingly global.  Ursula has been an invaluable partner to the Executive Committee in our execution of our growth strategies, particularly as we have added new affiliates and refocused our products across the globe.  As the asset management industry becomes more complex, we must continue to operate with the greatest degree of efficiency and effectiveness; to that end, Ursula's leadership and deep understanding of our operations from a distribution perspective will be invaluable"

"At the same time, I am thrilled that Jennifer Murphy will be filling a critical role at Western Asset as they continue building upon their strong investment performance and business results and look to strengthen their leadership team to serve their clients around the world.  We've been working closely with Western as they expand their global retail business and are excited about the momentum that our collaboration has created.  Jennifer brings to Western strong investment management leadership skills and I know she's going to be an integral part of their future success.  Her contributions on Legg Mason's Executive Committee have been numerous, for which I am most grateful," continued Mr. Sullivan.    

Background of Ursula Schliessler

Ms. Schliessler has been in senior roles with Legg Mason or predecessor firms for approximately 27 years, with a brief interruption between 2007 and 2010.  She is currently Head of Global Distribution Business Management for Legg Mason, managing day to day operations and aligning strategic initiatives to support the growth of Legg Mason's retail business.  In this role, she is a member of Legg Mason's international distribution business legal entity Boards and numerous internal business and operating committees, including the International and US Risk and Operating Committees and Legg Mason's Global Operating Committee.   Her expertise spans product development and maintenance, sales strategy, regulatory, compliance and fiduciary responsibilities and business process design and implementation. 

Ms. Schliessler was with Citibank and Citigroup Asset Management in roles of increasing responsibility in a number of countries from 1984-2005, and worked to transition international product offerings to Legg Mason through December 2006.  From 2007 to January 2009, she was Head of International Product Development and Management for Morgan Stanley Investment Management.  She established UAS Global Solutions, Ltd, a management consultancy specifically focused on asset management before rejoining Legg Mason in 2010.  She holds a Bachelor of Commerce degree in Economics and a Master of Commerce degree in Business Economics from the University of the Witwatersrand in Johannesburg, South Africa.

Background of Jennifer Murphy

Ms. Murphy is Chief Administrative Officer (CAO) of Legg Mason, Inc., a role she assumed in April 2013. As CAO, Jennifer oversees the Firm's Global Fund Accounting, Technology, Human Resources, Risk Management, Internal Audit, Fund Boards and Real Estate/Corporate Services divisions. She is also a member of the firm's Executive Committee. 

Prior to her current role, she served as President and CEO of Legg Mason Capital Management (LMCM).

She first joined Legg Mason in 1986 as a Securities Analyst. During her tenure with LMCM, Ms. Murphy held diverse business and investment roles, including serving as COO, CFO and then manager of LMCM's research team, risk management and new product initiatives. Her prior experience also includes three years at a strategy consulting firm.

Ms. Murphy is a Director of ICI Mutual, a mutual insurance company, and Chair of Legg Mason Global Asset Management Trust. She earned a B.A. in Economics from Brown University and an M.B.A. with distinction from the Wharton School at the University of Pennsylvania, where she was a Palmer Scholar. Jennifer is a Chartered Financial Analyst (CFA).

About Legg Mason
Legg Mason is a global asset management firm with $711 billion in assets under management as of February 28, 2015. 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 (symbol: LM).

SOURCE Legg Mason Inc.