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Executive Moves


Legg Asks Peters to Solo On Special Trust' Fund; Selects New Board Member

Legg Mason Capital Management has tapped Sam Peters to serve as the sole portfolio manager for Legg Mason Special Investment Trust. Peters, who has been with the firm since March of last year, had co-managed the fund alongside Legg Mason Capital Management CEO Bill Miller.

"We hired Sam with the expectation that he would become the sole manager of the Special Investment Trust, and in a remarkably short period of time, he has become fully integrated into our team and process," Miller said. "Sam's talent and insight have already proved beneficial for our clients. We are very pleased to have him fulfilling his role."

For his part, Peters said that working along the highly acclaimed Miller "has been a true learning experience. Having been an avid student of Bill Miller's investment thinking for many years, the opportunity to work closely with him has been really rewarding."

Before joining Legg Mason, Peters worked for Fidelity Management & Research as the portfolio manager of the Fidelity Select Health Care Fund. He also ran the Fidelity Select Electronics Fund. In addition, he is the founder of Samuel M. Peters Investment Advisors, an independent advisory firm.

Separately, Legg Mason has also announced that Cheryl Gordon Krongard has been elected to serve on the company's board of directors. She has over 25 years of experience in the asset management arena, and most recently served as a senior partner with Apollo Management, a private equity firm, where she oversaw strategic planning and product development. Krongard also serves as an independent director for two other firms, USAirways and Educate.

"We are certainly pleased to have Cheryl Krongard join our board of directors," said Raymond A. "Chip" Mason, Legg Mason chairman and chief executive officer. "Her broad background in the asset management industry, including over 25 years of public pension experience and more than 15 years experience in the alternative investments sector, should make her an excellent complement to the wide-ranging qualifications of our other directors, and bring valuable insight and expertise to Legg Mason."

Austin Calvert Flavin Taps Prince-Fox to Serve as CIO, Doerr as Chief Executive

Austin Calvert Flavin, a money management firm with more than $1.4 billion in assets under management, has promoted Cynthia Prince-Fox to serve as its new chief investment officer, the second time in the past 16 months the firm has named a new person to the position. Prince-Fox had been a portfolio manager with the firm. She replaces David Halloran, who joined Waddell & Reed Investment Management as CIO.

In addition, the firm promoted Sarah Calvert Doerr as chief executive officer, replacing Ron K. Calgaard. Doerr is the daughter of Jonathan Calvert, a former Austin Calvert Flavin partner.

JPMorgan Names CEO for New Indian Fund Business

JPMorgan has announced its plan to launch a mutual fund business in India, and has appointed Krishnamurthy Vijayen as chief executive officer.

The business, which is expected to be launched in the second half of 2006 subject to regulatory approval, will provide mutual funds to institutional and retail investors in India through third parties, including local banks and registered financial advisors.

Vijayen will report to JPMorgan Asset Management Asia Pacific Head David Hsu.

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