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Legg Mason names new chairman

Money manager Legg Mason Inc. said Tuesday that its board named board member Dennis Kass as its non-executive chairman.

Kass, who joined the company’s board in April, also will continue to serve on its nominating and corporate governance, finance and compensation committees, Legg Mason said.

Kass succeeds W. Allen Reed, the company’s non-executive chairman since September. Reed, who joined the board in 2006, will remain a board member and chairman of its finance committee.

Kass retired last year as chairman of Jennison Associates, an asset management company owned by Prudential Financial Inc. He previously served as that company’s chairman and CEO from 2003 to 2011.

Legg Mason shares rose 20 cents to $34.82 in midday trading. Its shares have fallen 6 percent from a high of $37.04 on May 22. They traded as low as $23.31 almost a year ago.