Neuberger Berman Group this week launched the Neuberger Berman Absolute Return Multi-Manager Fund (NABAX), which bets on a slate of hedge fund managers.

The fund's sub-advisers include: 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.

MacKay Shields has also been hired as a sub-adviser for long/short credit arbitrage and will begin subadvising the fund when it reaches some $125 million in assets. The fund expects to add additional hedge fund managers in the future, according to the firm.

The fund is managed by Eric Weinstein, chief investment officer and managing director; Jeff Majit, managing director; Fred Ingham, managing director; David Kupperman, managing director; and Ian Haas, senior vice president.

"We see a future where defined contribution plans embrace alternative investments in providing 401(k) plan participants a full investment solution," stated Kupperman.

Hung Tran writes for Money Management Executive.