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Rating:$4.6 Billion of Neuberger Assets Land a New Home Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, July 9, 2009

$4.6 Billion of Neuberger Assets Land a New Home

Reported by Meredith Mazzilli

Neuberger Berman revealed Thursday that it plans to swap shareholders’ stakes in the Neuberger Government Money Fund, Institutional Cash Fund, Cash Reserves and Treasury Fund for shares of State Street Global Advisors’ funds that have been deemed to have comparable investment objectives. The change, which should take place on or around August 14, is apparently part of Neuberger’s attempts to focus on equity, fixed income and alternative investment strategies. The firm will, however, continue to manage four municipal money market funds.

Joe Amato
Neuberger Berman
"Our goal as always is to ensure that our clients are in safe hands and that their needs will be fully met," said Neuberger Berman president Joe Amato.

Also this week, Old Mutual Asset Management revealed (pdf) Wednesday that it has facilitated a liftout of Neuberger Berman’s eight-person cash management team to Dwight Asset Management, Old Mutual's institutional fixed income manager. The team, led by John Donohue, was responsible for the management of the four funds that will be switched out for SSgA funds.

"We are excited to join Dwight Asset Management and the Old Mutual organization," commented Donohue. "Old Mutual’s extensive global resources and Dwight’s fixed income expertise create a formidable combination."


Neuberger Berman Selects State Street to Provide Taxable Money Market Funds to Its Clients

NEW YORK--Neuberger Berman Group LLC, a leading privately held, independent money manager, has chosen State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT), as a provider of taxable money market funds to Neuberger Berman fund shareholders and clients commencing next month. The firm said it is focusing on its longstanding equity, fixed income and alternative investment strategies to best serve its clients’ goals and objectives over the long term. On or about Aug. 14, shareholders of Neuberger Berman taxable money market funds will acquire shares of State Street Institutional Trust funds with comparable investment objectives. Shareholders will receive letters informing them of the change.

“After extensive due diligence and analysis, we have decided to engage State Street as a provider of these products to our clients,” said George Walker, chairman and CEO of Neuberger Berman. “With nearly $500 billion (as of March 31, 2009) in liquidity assets under management, we believe State Street Global Advisors, one of the largest global cash managers in the industry, has the necessary expertise and financial resources to fulfill this role, with a portfolio management style that follows a conservative, prudent approach to investing.” “Our goal as always is to ensure that our clients are in safe hands and that their needs will be fully met,” said Joseph Amato, president of Neuberger Berman. “We look forward to working with State Street Global Advisors to provide our clients with premier options for their liquidity investment needs.”

“Clients of Neuberger Berman should notice little change after this transition takes place,” added Robert Conti, president and CEO, Neuberger Berman Mutual Funds. “We will continue to work hard to provide top-notch service to our shareholders and access to our continuing array of fund products.”

The specific funds involved are: Neuberger Berman Government Money Fund (Ticker: NBGXX); NB Institutional Cash Fund (NBAXX); NB Cash Reserves (NBCXX); and NB Treasury Fund (NTHXX). The AUM of those funds was approximately $4.6 billion as of June 30, 2009.

Neuberger Berman continues to manage four municipal money market funds and also offers cash management to institutional separate account clients.

“Neuberger Berman is one of State Street’s longstanding clients and we are delighted that they have opted to build on the strength of this relationship by awarding SSgA with this new mandate for our money market funds,” said James Ross senior managing director at State Street Global Advisors. “We look forward to helping Neuberger Berman and its clients by demonstrating our expertise in managing money market funds that seek to preserve capital and liquidity for investors.” 

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