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.

“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,” said David Odenath, head of the Americas for Legg Mason. “In particular, I believe Peter will be instrumental in helping ClearBridge expand into new channels and new areas of opportunity.”

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