(Bloomberg) -- Neuberger Berman, the employee-owned money manager that oversees $250 billion in client assets, named MetLife Chief Executive Officer Steven Kandarian to its board.

Kandarian, 63, was chief investment officer at MetLife, the largest U.S. life insurer, before taking over as CEO in 2011. He replaces Thomas Knott on Neuberger Berman’s six-member board and was elected to a three-year term, the asset manager said in a statement Tuesday.

“Steve is a world class executive and investor,” George Walker, chairman and CEO of New York-based Neuberger Berman, said in the statement. “It would be difficult to construct a more ideal background for a board member to help oversee our global investment-management firm.”

MetLife has an investment portfolio of more than $500 billion, mostly in fixed-maturity securities. William Wheeler, who is president of the Americas for the New York-based insurer, was named in February as a director at Evercore Partners Inc., the merger-advisory firm founded by Roger Altman.

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