Former Lehman Brothers wealth management subsidiary Neuberger Berman's mutual funds have named Tom Seip, an independent board member, as non-executive chairman and Robert Conti as chief executive officer. The pair succeed Peter Sundman, who is leaving the firm.

Mr Seip, a private investor, has been a member of the funds' boards since 2000 and lead independent board member since 2006.

Mr Conti has been an employee of Neuberger Berman since 1980. During that time, he has held a variety of positions in connection with Neuberger Berman's mutual funds business. He most recently served as an executive vice president of the funds and is a managing director of Neuberger Berman.

Earlier this month, it was announced that a group consisting of portfolio managers, the management team and senior professionals had agreed to acquire a majority interest in Neuberger Berman and the fixed income and alternative asset management businesses of Lehman Brothers' Investment Management Division.

Joe Amato, head of Neuberger Berman, said: "Bobby Conti has been a knowledgeable and dedicated leader in our mutual funds organisation and we are confident he will contribute significantly to the funds' administrative and operational excellence going forward."