US-based asset management firm Legg Mason has appointed Peter Nachtwey as its new CFO and a member of its Executive Committee.

Nachtwey will report to Mark Fetting, chairman and CEO of Legg Mason. He joined the firm from The Carlyle Group, where he was CFO and a member of their Operating Committee.

Prior to The Carlyle Group, Nachtwey spent more than 25 years in increasing leadership positions at Deloitte and Touche, most recently as managing partner of the first fully integrated Investment Management practice of the Big Four, dedicated solely to serving mutual fund complexes, private equity firms and hedge funds.

Fetting said Pete’s deep knowledge of the investment management industry and his broad expertise across all aspects of financial management: corporate, fund, portfolio company and deal, will be invaluable as Legg Mason grows its business and invest in both its affiliates and opportunities globally.

Nachtwey said he is excited to join one of the world’s largest asset managers and a well-respected finance team.

"Legg Mason’s investment affiliates are known as some of the best managers in their investment disciplines and I look forward to partnering with each of them to grow their franchises. At the right time, I am also ready to help expand Legg Mason’s investment capabilities through targeted acquisitions," Nachtwey added.