L.P. Legg Mason Alts Head Goes Dotcom –

William McVay, director of the investment consulting group at Legg Mason Capital Management of Baltimore, and president of the firm’s alternative investment subsidiary LM Falcon Investment Strategies, on June 1 will join the Internet world as executive vice president and chief business development officer for Financeware.com.

The company was launched one year ago by David Loeper, the former director of strategic planning for Wheat First Securities (now First Union Securities) in Richmond, Va.

“The people here … are friends of mine and we’ve always talked about doing something together,” McVay said. “I am fascinated by technology … and I’ve been a builder of businesses, I like the challenge.”

McVay said that he will continue working with Legg Mason through the summer on a consulting basis while the firm searches for his replacement. He had worked there for almost a dozen years, and among other things two years ago helped the firm launch and has since continued to run LM Falcon, the subsidiary that offers hedge fund, venture capital and other alternative investment products. Prior to Legg Mason, McVay worked with Shearson, at one point as director of consulting for Shearson Consulting Services Group.

Financeware.com provides a host of Internet tools, including software that will convert any type of file to HTML for easy Web posting, financial planning auditor software and other financial services oriented products. The company has twelve people on staff, McVay said, but that number will likely grow to 45 or 50 by the end of this year.

“Everything came together at a point in my life when it just made sense to move on,” McVay said.