Neuberger Berman Introduces Absolute Return Multi-Manager Fund
|June 19th, 2012||
|Contributed by: Company Press Release|
|Neuberger Berman Group LLC, one of the world’s leading employee-owned money managers, announced today the launch of Neuberger Berman Absolute Return Multi-Manager Fund (tickers: NABAX, NABCX, and NABIX) (the “Fund”). The Fund seeks capital appreciation with an emphasis on absolute returns by allocating its assets to multiple hedge fund advisers that employ distinct alternative investment strategies. The Fund is the first such fund from an asset manager with the size and operational infrastructure of Neuberger Berman. |
The Fund is managed by members of the Neuberger Berman Fund of Hedge Funds (FoHF) team and is the first time this team’s expertise is offered in a mutual fund. Unlike traditional hedge funds, the Fund provides daily liquidity, lower investment minimums ($1,000 for Class A and C shares), will deliver 1099s to shareholders, offers full transparency of portfolio holdings and does not have a performance based management fee. Additionally, the Fund employs the risk management and monitoring, mix of managers and strategies, and operational due diligence previously available only to institutional and high-net-worth investors through traditional hedge funds. The Fund combines an experienced Hedge Fund of Funds team with a firm that has been providing mutual fund solutions for over 60 years.
David Kupperman said, “We are strong believers that alternative mutual fund solutions—‘liquid alternatives’—are applicable to investors who have historically not been able to access hedge fund strategies as well as institutions that seek liquid and cost-effective solutions. We see a future where defined contribution plans embrace alternative investments in providing 401(k) plan participants a full investment solution.”
The Fund’s sub-advisers are: The Boston Company for long/short and mid-cap equities; Cramer Rosenthal McGlynn for global long/short equities; GAMCO Asset Management for merger arbitrage; Levin Capital Strategies for event driven investments; Sound Point Capital for distressed and event driven credit; Turner Investments for long/short healthcare equity; and Visium Asset Management for event driven investments. The Fund has also hired MacKay Shields as a sub-adviser for long/short credit arbitrage and intends to begin allocating assets to this manager when the Fund has approximately $125 million in assets. The Fund expects to add additional highly skilled hedge fund managers in the future.
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