Neuberger Berman hired two managing directors to develop the firm’s real estate investment capabilities and also named a new managing director to 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. "We were fortunate to find two professionals of their caliber to develop our institutional real estate securities effort," said Peter Sundman, head of Neuberger’s mutual fund and institutional business, in a statement.

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