Neuberger Berman hired two managing directors to develop the firm's real estate investment capabilities and also named a new managing director for its private asset management group, the company said.

Steven Brown and Elizabeth Reagan left Cohen & Steers Capital Management to lead Neuberger Berman's institutional real estate securities efforts. Brown, formerly a senior VP and co-portfolio manager of Cohen & Steers Equity Income and Advantage Income Realty funds, will oversee the institutional real estate securities business. Reagan will be responsible for sales and marketing at Neuberger Berman and will be in charge of sales for the independent financial adviser channel.

The firm also added Steven Guggenheimer as managing director of its private asset management group. He most recently worked as a financial adviser with Merrill Lynch, advising high-net-worth individuals and mid-size institutions. He will continue in a similar role with Neuberger.

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