Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Legg's ClearBridge Cuts Ties with CEO Sundman Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, December 9, 2011

Legg's ClearBridge Cuts Ties with CEO Sundman

News summary by MFWire's editors

Legg Mason subsidiary ClearBridge Advisors bids goodbye to CEO Peter Sundman while Goldman Sachs faces another departure as its fixed-income team's global head of portfolio construction and risk management James Clark retires, Morningstar reports.

ClearBridge announced Sundman's exit through a December 1 letter to its clients. Morningstar's report attributed part of the reason for his departure is cost. Sundman will not be replaced, instead ClearBridge president Terrence Murphy will assume the former CEO's responsibilities.

Before signing on with Legg Mason, Sundman had spent two decades at Neuberger Berman, leaving when Lehman Brothers collapsed in 2008. At the time of his departure he served as president of Neuberger Berman Management and ran that firm's mutual fund distribution arm.

Separately, Morningstar also reports that Goldman Funds faces a series of departures from its managers.

Clark's resignation follows Katinka Domotorffy's exit as the chief investment officer and head of quantitative investment strategies. Both Clark and Domotorffy were part of the Goldman Sachs Balanced (GSBFX), a five member managing team.

At the end of the month, fundamental equity group portfolio managers David Shell and James Otness are also scheduled to leave the company. The 11-year veteran Stephen Warren will assume Clark's post.


ClearBridge Advisors' Original Letter



December 1, 2011

Dear Client:

As a valued client we are pleased to inform you that effective immediately, Terrence Murphy, President of ClearBridge, will assume leadership responsibility for all aspects of ClearBridge. The duties of the chief executive officer are being merged into those of the president. Peter Sundman has left the firm and we thank him for his service to ClearBridge. We are fully committed to you as a client and this change will not affect the day-to-day management of your account.

In his expanded role, Terrence is now responsible for the investment and institutional sales teams. He is committed to delivering the performance and client service you have come to expect. Terrence will focus his talents on growing the firm by expanding our sales teams and developing products to meet client needs.

Terrence has been part of ClearBridge and its predecessor organizations since 2000. Prior to the formation of ClearBridge in 2005, Terrence was Chief Financial Officer of the Citigroup Asset Management business. As Chief Operating Officer of ClearBridge for the last six years, he engineered the creation of a finely-tuned operational infrastructure to support ClearBridge's portfolio management, research and trading teams. From June 2010 until January 2011, Terrence also maintained a dual-role as Chief Operating Officer of ClearBridge and interim Chief Financial Officer of Legg Mason, Inc.

We appreciate your business and look forward to continuing to provide you with our investment management services. If you need additional information, please contact your Legg Mason account representative, or Vinay Nadkarni of ClearBridge at (212) 805-xxxx.

Sincerely,

Harry D. Cohen
Chief Investment Officer

Terrence J. Murphy
President
 

Edited by: HFD


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use