Legg Mason Inc. announced Tuesday that James W. Hirschmann III has decided to relinquish his responsibilities as president and chief operating officer at Legg Mason. The firm also indicated that Hirschmann will be based in California with the title of chief executive officer of Legg?s global fixed-income asset manager, Western Asset Management Co. “I have come to the very difficult decision that it is not in my children?s best interest to uproot them from their close friends and family members in California where we have made our home,” Hirschmann said in a release.