January 5, 2009
Neuberger Berman Names Non-Executive Chair, CEO
Neuberger Berman's board of directors has selected Tom D. Seip as non-executive chairman and Robert Conti as chief executive officer. The two men succeed Peter E. Sundman, who is resigning.
Seip has been lead independent board member since 2006 and a member of the funds' board since 2000. He was previously CEO of Charles Schwab Investment Management.
Conti has been with the firm for the past 28 years, during which time he has held a variety of mutual fund positions. Most recently he was executive vice president and managing director.
"We are fully supportive of the board's decision to appoint an independent chairman," said Neuberger Berman Chief Joe Amato. "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.
"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," Amato added.
Wilmington Trust Appoints Chief Investment Strategist
Wilmington Trust has promoted Adrian Cronje to chief investment strategist. He joined the firm in 2005 from Schroder Investment Management in London, where he was director, deputy head of quantitative equity products.
Sam Fraundorf has also been promoted, from director of research to chief operating officer. He has been with the firm since 2004, when he left his position as director of alternative assets at KPMG Alternative Advisors.
Rex Macey is now chief investment officer, in charge of equity and fixed income management. Prior to joining Wilmington Trust in 2004, Macey worked with Fraundorf at KPMG Investment Advisors as director of research.
Further, Andy Hopkins, a 21-year veteran of Wilmington Trust, is now director of equity management, in charge of actively managed large-cap and small-cap funds, as well as quantitative equity strategies.
Lisa More has been named head of client services. Having joined Wilmington Trust in 1988, More has spent most of her time in fixed income, most recently as director of tax-exempt fixed income research.
John Kelley has been named president of Rodney Square Management Corp., the investment advisor to Wilmington Funds. He will also serve as head of investment operations and finance for Wilmington Trust Investment Management. He has been with the firm since 2005, when he left his position as account operations and administrations director of mutual funds and separately managed accounts at 1838 Investment Advisors.
Commenting on the promotions, Wilmington Trust Chairman and CEO Robert M. Balentine said: "Over the past several years, we have assembled an exceptional team whose sole focus is on delivering our best thinking to all of our clients' portfolios. [Our] new organizational structure strengthens our demonstrated ability to have all areas of our investment management group work together to help preserve and grow our clients' wealth."
Legg Selects Sundman as ClearBridge Chief Exec
Legg Mason has hired Peter Sundman as president and chief executive officer of its ClearBridge Advisors subsidiary.
Sundman was formerly chairman and chief executive officer of Neuberger Funds, which he joined 20 years ago as director of institutional sales. Between 1982 and 1987, he worked in asset management and pension services at Traveler's Insurance Co..
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