Legg Mason's head of U.S. broker-dealer sales Joe Lohrer is leaving the firm for Blackstone-the latest in a string of departures from the asset management company, Investment News reports. Lohrer, a 25 year veteran of the firm, will be replaced by Bryan Ward, head of internal sales, while Benji Baer, head of U.S. intermediary marketing, is leaving the firm after a seven-year stint for J.P. Morgan Asset Management as a managing director and chief marketing officer for retirement.
These follow recent departures including marketing head Laura Zimmerman, head of operations for the Americas David Odenath, U.S. product head Joel Sauber, and Kim Mustin, co-head of distribution for the retail, subadvisory and institutional business. The article notes: "Some analysts worry that the exodus from Legg Mason may hurt the firm's turnaround efforts." The firm's assets under management are far below pre-recession levels at $672 billion at the end of April, down from $1 trillion at the end of 2007.
Goldman Sachs is making a third attempt in 17 years to crack the Russian market by leveraging a $1 billion private-equity bet to win deals and woo the Kremlin for asset sales roles. [Bloomberg]
Standard Chartered affiliate Qatar Islamic Bank, and Oversea-Chinese Banking Corporation are among bidders for a controlling stake in PT Bank Muamalat Indonesia, the country's oldest Islamic bank.[BusinessWeek]
Private-equity firms exited buyout investments at a record volume in the second quarter as managers took advantage of equity markets to sell assets. [BusinessWeek]
Only four lenders were added to the government list of so-called problem banks in the first quarter, the smallest increase since the financial crisis began. [DealBook]
State attorneys general told the nation's five largest banks they face a potential liability of at least $17 billion in civil lawsuits if a settlement isn't reached to address improper foreclosure practices. [WSJ]
Blackstone hired CIBC World Markets to sell 29 office buildings in Canada valued at about $921 million. [Bloomberg]
Deutsche Bank has maintained its top position in currency trading this year, despite slimmer market share. [Forbes]
The state of Louisiana will collect a $1 million settlement from John Hancock Life Insurance as part of an investigation into death benefit payments-the third such payout in two months. [Investment News]
Commentary: Investors and regulators miss basic warning signs when it comes to smaller financial fraud. [Forbes]