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Neuberger CEO Heads for Legg Mason

Plus, Bill Miller's new responsibilities, American Century's manager departures, and more.

Morningstar Analysts, 12/22/2008

Morningstar's fund analysts cover 2,000 mutual funds. Their full analyst reports, including Stewardship Grades, are available in Morningstar Principia Mutual Funds Advanced and Morningstar Advisor Workstation Office Edition.

Peter Sundman, chairman and CEO of the Neuberger Berman funds, will leave Neuberger Investment Management on Jan. 5, 2009, to serve as president and CEO of ClearBridge Advisors, Legg Mason's largest investment management arm.

Sundman's departure from Neuberger Berman comes shortly after a group of senior executives and portfolio managers at that firm bought it from its bankrupt parent, Lehman Brothers. Sundman joined the firm in 1998 as director of institutional sales and held various executive positions in its mutual fund and institutional businesses.

At ClearBridge, Sundman will fill a void left by the departure in March 2008 of its former chief, Brian Posner. Sundman will work closely with the existing management team led by CIO Hersh Cohen and COO Terrence Murphy.

Legg Mason Adds Bill Miller to Another Struggling Fund
In perhaps a vote of confidence for the beleaguered manager, Legg Mason announced that Bill Miller of Legg Mason Value LMVTX and Legg Mason Opportunity LMOPX will help run Legg Mason Partners All Cap LMGOX starting Jan. 1, 2008. David Nelson of Legg Mason American Leading Companies LMALX also will join the team that includes existing manager Jay Leopold. The All Cap fund, like its siblings, has been wrong on financials. Leopold added to failed stocks American International Group AIG, Countrywide Financial, and Freddie Mac FRE as recently as the second quarter. The fund's record since its February 2007 inception has been extremely poor. We are encouraged, though, that Legg Mason will waive the fund's management fee of 0.70% from Jan. 1 through June 30, 2009.

American Century Shuffles Managers
American Century is down four managers. Mark On, CIO of the international equity group and comanager of American Century Emerging Markets TWMIX; Tom Telford, manager of American Century Ultra TWCUX and American Century Technology ATCIX; and Arnie Douville and Christy Turner, managers of American Century Life Sciences ALSIX, will leave the firm tomorrow. American Century says On's departure was a mutually agreed decision and Telford's departure is part of the firm's move to combine the American Century Ultra and American Century Select TWCIX investment teams. The firm gave Douville and Turner the boot because it plans to merge Life Sciences, along with Technology, into American Century Growth TWCGX. A shareholder vote is slated for 2009.

Mark Kopinski, manager of American Century International Discovery TWEGX and American Century International Opportunities AIOIX, will take over as CIO of the international equity group. The firm is looking to fill On's role on Emerging Markets, where Patricia Ribeiro remains. Stephen Lurito, CIO of the U.S. Growth Equity group, along with managers Keith Lee and Michael Li, will steer the Ultra. Lurito will run both Life Sciences and Technology until they merge into Growth.PAGEBREAK

Oakmark International Adds Manager
Rob Taylor, manager of Analyst Pick Oakmark Global OAKGX, will become comanager of Oakmark International OAKIX on Jan. 28, 2009, joining seasoned skipper and Morningstar's 2006 International-Stock Manager of the Year, David Herro. Both International and Global funds have held up well versus their peers amid the recent market turmoil and have impressive long-term records.

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