ClearBridge co-CIO Hersh Cohen is to hand over his day-to-day portfolio duties at the end of 2017.
Cohen, who was appointed as CIO of ClearBridge’s predecessor firm in 2004, will no longer run the firm’s Legg Mason IF ClearBridge US Equity Income strategy, also known as its Dividend Strategy.
The move is part of the firm's succession planning strategy.
He will continue to work closely with Scott Glasser, also co-CIO, and work on portfolios for private clients.
Glasser and Cohen have worked together for over 20 years and were co-portfolio managers for the Legg Mason ClearBridge US Appreciation strategy from 2001 until 2010.
Additionally, they established ClearBridge’s Dividend Strategy in 2003 and worked together managing client assets with a dividend focus until 2009.
Terrence J. Murphy, ClearBridge chief executive, said: 'He [Cohen] and Scott Glasser exemplify this firm’s team approach and investment culture… we’re very pleased that we will continue to benefit from Hersh’s insights and experience as co-CIO.'