Legg Mason Inc.'s board elected Tianqiao Chen and Robert Chiu as directors, effective Feb. 1.

Chen, who is the chairman and CEO of Shanda Group, was also appointed as vice chairman of the board. Chiu serves as president of Shanda Group.

Shanda Group, a global private investment firm, is Legg Mason's largest shareholder. Legg Mason had previously agreed to appoint Chen and Chiu to its board by June 1 after Shanda Group pledged to invest at least $500 million in investment products with the asset manager's affiliates.