Baltimore-based Legg Mason hired Pete Nachtwey, the former CFO for The Carlyle Group, to serve as its new lead financial officer.
Nachtwey’s hiring serves to fill the void left when its former CFO C.J. Daley left the firm due to an unexpected “entrepreneurial opportunity that was too attractive to pass up” at a privately held asset manager, the firm said over the summer. At the time, Artisan Partners revealed in its own announcement that it named Daley as its new CFO and a managing director.
On July 7, Legg Mason explained that Terrence Murphy, the chief operating officer for the firm’s affiliate ClearBridge Advisors, was put in place as a temporary position holder.
With Nachtwey’s appointment, Chairman and CEO Mark Fetting stated in the Dec. 13 announcement that his expertise “across all aspects of financial management…will be invaluable” as it grows its business. Presently, Legg Mason has more than $668 billion in assets under management.
Previously, Nachtwey was appointed as CFO at the global alternative asset manager in 2007; he held the position until 2010. In his capabilities at Carlyle, he “had broad oversight of structuring, reporting and budgeting for over $90 billion in private equity and credit alternatives investments in over 70 discrete fund investment vehicles,” the press release said.
Alternately, prior to his stint at Carlyle, he worked for more than 25-years at Deloitte and Touche, the statement listed.
In his comments, Nachtwey explained that he is “ready to help expand Legg Mason's investment capabilities through targeted acquisitions” as well as “partnering with [its affiliates] to grow their franchises.”
As of press time, calls placed to The Carlyle Group seeking comment were not immediately returned.