Brian Posner, a well-known former manager at Fidelity Investments, has been selected to head the stock-mutual fund group that Legg Mason will acquire as a result of its asset swap with Citigroup, The Wall Street Journal reports.

Posner left Fidelity in 1996, and since then has been managing a hedge fund. Legg Mason has named him CEO of the new $112 billion unit.

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