Dave Odenath is an Operating Partner with ACP, where he focuses on investment opportunities in the asset management sector. Prior to joining ACP, Dave was Senior EVP and Head of the Americas, as well as a member of the operating committee, for Legg Mason, Inc. At Legg Mason, he oversaw businesses totaling over $600 billion of assets under management. Dave’s responsibilities included managing Legg Mason’s largest affiliates as well as the domestic distribution organization. Dave played a major role in the dramatic turnaround of Legg Mason’s share price post 2008, helping to solve for a number of challenges facing the firm at that time.
Dave joined Legg Mason from Prudential Financial, where he served most recently as President of Prudential Annuities and Co-Head of International Retirement. Under Dave’s business leadership between 2002 and 2008, Prudential built an $80 billion, industry leading operation in the variable annuity business through a combination of organic growth and the successful acquisition and integration of both the American Skandia and Allstate’s variable annuity businesses. From 1999 until the end of 2002, Dave was President of Prudential Investments, with more than $100 billion in AUM across mutual fund, annuity and managed accounts. During that period, Dave served as President of all Prudential Mutual Funds and Series Funds. He was also a member of the Operating Committee and on the Board of Prudential Securities and was instrumental in helping to effect the disposition of that business to Wachovia.
Since joining the industry in 1979 as a financial advisor for Merrill Lynch, Dave has also held senior roles at Hyperion Capital, Prudential Securities and PaineWebber. Dave is former Chairman of the Insurance Marketing Standards Association, a nonprofit, independent organization created to strengthen consumer trust and confidence in the marketplace for individually sold life insurance, long-term care insurance and annuities. He served on the Board and as Vice Chair of the Insured Retirement Institute (formally NAVA), an organization formed to address the need and importance of retirement income preparation and management for retirement-focused Americans. He is also a former member of the board of the Investment Company Institute.