Monday, 27 April 2015
Last updated 2 hours ago
Jun 12 2012 | 11:21am ET
Neuberger Berman Group has launched a mutual fund of hedge funds, picking eight managers to run the vehicle.
The Neuberger Berman Absolute Return Multi-Manager Fund is the first from a firm as large or established as Neuberger Berman, the firm said in a press release. It will have all of the hallmarks of the mutual fund, including daily liquidity, low minimum investment requirements and no performance fee.
Managed by the firm’s fund of hedge funds team, including Eric Weinstein, Jeff Majit, Fred Ingham, David Kupperman and Ian Haas, the fund will begin with seven managers: 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. When the fund hits $125 million in assets, it will bring on MacKay Shields to run long/short credit arbitrage.
"We are very excited to launch a fund that will offer the liquidity and accessibility of a mutual fund and the underlying investments of hedge fund strategies, all with the goal of providing attractive returns for investors," Weinstein, chief investment officer, said. "The fund is a well-constructed portfolio of high quality managers. We believe alternative investments can play an important role alongside long-only equities and fixed income and we are delighted to offer these strategies in a mutual fund structure."
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…