Peter Sundman, CEO of Legg Mason equity affiliate ClearBridge Advisors, has left the firm, according to a client letter obtained by P&I Daily.
Mr. Sundman left after a decision by executives at the parent company and ClearBridge to merge the CEO duties “into those of the president,” according to the letter.
Terrence Murphy, ClearBridge’s president, will “assume leadership responsibility for all aspects” of the company’s operations.
Mary Athridge, a spokeswoman for the firm, described the change as an “efficiency” move.
Mr. Sundman couldn’t immediately be reached for comment.
Clearbridge had $48.1 billion in assets under management as of Sept. 30.