(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.

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