Neuberger Berman [profile] has hired a new sub-advisor for one of its alts funds.

In particular, the firm's Neuberger Berman Absolute Return Multi-Manager Fund has hired Loeb Arbitrage Management as a new sub-advisor for the fund's events-driven sleeve.

The SEC Filing for the hiring describes the move in this way:

As disclosed in the Fund’s Prospectus, NB Management and the Fund have obtained an exemptive order from the Securities and Exchange Commission that permits NB Management and NBAIM to engage additional unaffiliated subadvisers and to enter into a subadvisory agreement with an unaffiliated subadviser, upon the approval of the Board, without obtaining shareholder approval. Effective August 12, 2013, NB Management has engaged Loeb Arbitrage Management LP (“Loeb”) as a new subadviser for the Fund to employ a strategy of investing in event driven opportunities with respect to the portion of the Fund allocated to it.

Loeb Arbitrage Management is located at 61 Broadway, New York, NY 10006, and is a registered investment adviser providing asset management services since 1985, according to the filing. Loeb is part of Loeb King Capital Management Group which has approximately $583 million in assets under management as of June 30, 2013.

The PMs sub-advising Loeb's sleeve of the fund are Gideon King, Scott Williams, Blaine Marder, Adam Weingarten, and Brian Anderson.

This news was also covered in MFWire's Stork & Reaper section. 

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