US fund manager Legg Mason has appointed Mark Fetting as its new chief executive and president. Mr Fetting is currently senior executive vice-president at Legg, and heads up its mutual-fund business. Mr Fetting is a former executive at Prudential Financial and was previously at T. Rowe Price Group. He will replace Raymond "Chip" Mason, the co-founder of Legg. Mr Mason was the only chief executive in the Baltimore firm's 27-year history.