Peter Sundman, chairman and CEO of the Neuberger Funds, will take the top job at Legg Mason subsidiary Clearbridge Advisors next month. Word of Sundman's appointment comes two weeks after a group of Neuberger senior managers and employees emerged as the winning bidder at an auction for Lehman Brothers' investment management arm, of which Neuberger is a part (see The MFWire, December 3, 2008).

Tom Seip, a member of the funds' boards since 2000, will become non-executive chairman and Bobby Conti, a 28-year Neuberger veteran, will become CEO of Neuberger Funds.

Sundman will start at Legg Mason in mid-January and report to David Odenath, head of the Americas at Legg Mason, according to company spokeswoman Mary Athridge.

Sundman will take on the post vacated by Brian Posner in March (see The MFWire, March 12, 2008). Clearbridge CIO Hersh Cohen and COO Terrence Murphy have been handling Posner's former duties on an interim basis.

A 20-year Neuberger veteran, Sundman started in that firm as director of institutional sales. He earlier worked in the asset management and pension services areas at Traveler's Insurance Company.

Below are the press releases issued by Legg Mason and Neuberger Berman:

Legg Mason Press Release

BALTIMORE, Dec. 17 /PRNewswire-FirstCall/ -- Legg Mason, Inc. (NYSE: LM) today announced the appointment of Peter E. Sundman as President and CEO of ClearBridge Advisors, one of its principal asset management subsidiaries, headquartered in New York. Mr. Sundman joins ClearBridge Advisors from Neuberger Investment Management, Inc., formerly the asset management arm of Lehman Brothers, where he served most recently as Chairman and Chief Executive Officer of the Neuberger Funds. He joined Neuberger Berman in 1988 as Director of Institutional Sales and held positions of increasing responsibility in both the mutual fund and institutional business at the firm. Prior to that, he was at Traveler's Insurance Company, in the asset management and pension services area, from 1982 through the end of 1987. Mr. Sundman has a B.A. from the College of Wooster.
David R. Odenath, Head of the Americas for Legg Mason, said, "Peter's strong business background in both the institutional and retail channels and track record of growing assets under management at a premier firm will benefit ClearBridge and its growing reputation. In particular, I believe Peter will be instrumental in helping ClearBridge, which has focused its product offering and strengthened its investment capabilities over the past couple of years, expand into new channels. Peter will work closely with the ClearBridge management team, led by Chief Investment Officer Hersh Cohen and Chief Operating Officer Terrence Murphy, to continue to enhance the firm's strength in mutual funds and separately managed accounts and to extend its equity strategies into new areas of opportunity."

Mr. Sundman commented, "I am gratified by the opportunity to join ClearBridge Advisors and believe that the ClearBridge franchise is well positioned for growth, with its research-driven, fundamental, multi-discipline approach and its solid investment culture. It's an exciting time to join the firm. I look forward to working with all the portfolio managers, research analysts, sales, client service and support staff to grow the business and to take ClearBridge to the next level as a global leader in equity-based investments."

Hersh Cohen, Chief Investment Officer at ClearBridge, stated, "Peter comes to us at a good time, as we are accelerating our efforts to deliver investment performance and service to our clients across multiple strategies and in diverse channels. The whole team is looking forward to working with Peter as ClearBridge enters the next chapter of its growth and business expansion."

About ClearBridge Advisors
ClearBridge Advisors is a U.S.-based equity manager that was established by Legg Mason in 2006 after Legg Mason acquired the former Citigroup Asset Management. ClearBridge is the largest equity manager within the Legg Mason family and is a leading provider of mutual funds and separately managed accounts for both individual and institutional investors.

About Legg Mason
Legg Mason is a global asset management firm, with $842 billion in assets under management at September 30, 2008. The Company provides active asset management in major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (symbol: LM).

Neuberger Berman Press Release

NEW YORK, NY, December 17, 2008 � The Boards of Neuberger Berman�s mutual funds, including the closed-end funds (the �Funds�), today appointed Tom D. Seip, an independent board member, as non-executive Chairman and Robert Conti as Chief Executive Officer of the Funds. Messrs. Seip and Conti succeed Peter E. Sundman, who is resigning.

Mr. Seip, a private investor, has been a member of the Funds� boards since 2000, and lead independent board member since 2006. Mr. Seip has more than 25 years of experience in the investment management industry, including 15 years at Charles Schwab Corp., culminating in a role as CEO of Charles Schwab Investment Management. Mr. Conti has been an employee of Neuberger Berman since 1980. During that time, Mr. Conti has held a variety of positions in connection with Neuberger Berman�s mutual funds business. He most recently served as an Executive Vice President of the Funds and is a managing director of Neuberger Berman.

�We are fully supportive of the Boards� decision to appoint an independent chairman. Tom has been an effective member of the Boards, serving as lead outside director. We look forward to working with him in this added capacity,� said Joe Amato, head of Neuberger Berman. �Bobby Conti has been a knowledgeable and dedicated leader in our mutual funds organization and we are confident he will contribute significantly to the Funds' administrative and operational excellence going forward.�

Added Mr. Amato, "We thank Peter Sundman for his more than two decades of commitment to Neuberger Berman and its clients and wish him well in his new endeavors."

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