Legg Mason elected its president, James Hirschmann, elected chief operating officer.

The Baltimore money management company said Raymond Mason, its chairman and chief executive officer, would retain his posts. It said Hirschmann would be responsible for day-to-day operations and that Mason will continue to direct overall strategy.

Hirschmann, who also is the chief executive officer of Western Asset Management, Legg's largest subsidiary, led the team that integrated the business acquired last year from Citigroup.

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