An uptick in investor inflows and strong performance helped push its Neuberger Berman Equity Income Fund over the $1 billion milestone for the first time.
The five-year-old, mid-cap fund is managed by Tony Gleason, Richard Levine and Alexandra Pomeroy, managing directors of the MLG Group investment team. The MLG Group manages more than $5 billion in U.S. and international equity funds for institutions and individual investors.
"Our team believes three themes will continue to offer us promising areas for investing our clients’ savings," Pomeroy said. "These are the flow of investor money returning to equities; the demands for more abundant and higher quality food in the emerging world; and the dynamic energy sector, fueled again by increased demand from developing countries."
Company officials said the fund has received a five-star rating from Morningstar Inc. and ranks among the top 10% of the 344-plus funds serving the mid-cap space.
"We’re gratified by the recognition the Neuberger Berman Equity Income Fund has received from investors and their advisors," Joseph Amato, president and chief investment officer at Neuberger Berman, said in a statement announcing the milestone. "The distinctive investment approach of the Fund’s managers, and their focus on research and on strong long-term results, are hallmarks of our 71-year-old firm and its culture."
New York-based Neuberger Berman manages more than $90 billion in equity assets for institutional and individual investors, and a total of more than $190 billion, including fixed income and alternatives.