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ST. LOUIS-Joseph Sullivan, director and head of fixed income capital markets for locally based Stifel Nicolaus & Co. Inc., has decided to leave the firm and return to Baltimore-based Legg Mason Inc. Sullivan will leave Stifel, a division of Stifel Financial Corp., and will become chief administrative officer for Legg. In his new role, Sullivan will report to Legg president Mark Fetting, and will be responsible for all operational functions, including technology, risk management, human resources and legal functions.

He worked for Legg for 12 years until December 2005, when Stifel acquired the investment banking, research, institutional equity and fixed income capital markets of Legg. Stifel provides securities brokerage, investment banking, trading, investment advisory and related financial services, primarily to individual investors, money managers, businesses and municipalities. Ron Kruszewski, chairman and CEO of Stifel Financial, said in a statement that Sullivan’s service is very much appreciated. “He has taken the lead in building a strong fixed income capital markets platform for us, and we look forward to continuing to grow that business on the foundation he established,” Kruszewski said in the statement. James Zemlyak, CFO, did not return a call for comment.

Sullivan’s job experience includes the investment management of banking, trading, institutional sales and research functions across fixed income asset classes, and he is currently a trustee and chairman of the Curriculum Committee for the Securities Industry Institute. He said in a separate statement that rejoining Legg, which has a singular focus on asset management and a global presence, is very exciting. Sullivan could not be reached for comment, but a spokeswoman tells GlobeSt.com that he will be involved in streamlining cuts as the company struggles under the current capital markets, posting a $31 million net loss in the first quarter and decreasing AUM to $922.8 billion.

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