MutualFundWire.com: A $460B-AUM Active Firm Launches Three ETFs

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Thursday, April 7, 2022

A $460B-AUM Active Firm Launches Three ETFs

An 83-year-old, $460-billion-AUM (as of December 31), 2,400-plus-employee active mutual fund firm is rolling out a trio of ETFs, all active and thematic.

Hari Ramanan
Neuberger Berman
Chief Investment Officer of Global Research Strategies

Today, Joseph Amato, president and chief investment officer of Neuberger Berman [profile], and Hari Ramanan, CIO of global research strategies, unveil the new Neuberger Berman Carbon Transition & Infrastructure ETF (NBCT on the NYSE Arca), the Neuberger Berman Disrupters ETF (NBDS), and the Neuberger Berman Next Generation Connected Consumer ETF (NBCC). The funds debuted yesterday, and they all come with the same expense ratio of 55 basis points (including a 10-bps fee waiver, promised through April 8, 2023). (The move comes about 10 years after Neuberger first filed for an ETF.)

The three new funds are series of the Neuberger Berman ETF Trust. Neuberger Berman Investment Advisers LLC (NBIA) serves as their investment advisor, and Neuberger Berman BD LLC serves as their distributor.

"These new ETFs, a first for our firm, deliver Neuberger Berman's thematic equity expertise to a broad investor base," Amato states. ($18 billion of Neuberger's total client assets are already in thematic equity strategies.)

"We are bringing together the data science, local market expertise, active management, and the corporate engagement tools that Neuberger Berman has cultivated in order to develop what we view as the best-in-breed thematic offerings, in a widely availabel ETF structure with the potential for tax efficiency," Ramanan states.

NBCT had $5.65 million in AUM as of yesterday. The fund will be PMed by Ramanan, three other managing directors (Timothy Creedon, Jared Mann, and Ronald Silvestri), and one senior vice president (James Tyre).

NBDS had $4.89 million in AUM as of yesterday. The fund will be PMed by two managing directors: Richard Bradt and Jason Tauber.

NBCC had $5.43 million in AUM as of yesterday. The fund will be PMed by two managing directors (Creedon and Ramanan) and three SVPs (Kai Cui, Kevin McCarthy, and John San Marco).

The new funds' other service providers include: Ernst & Young LLP as independent accounting firm; K&L Gates LLP as counsel; and State Street Bank and Trust Company as custodian, securities lending agent, shareholder services agent, and transfer agent.

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