Neuberger Berman has hired Marvin Demoff as the managing director of its asset management group that handles investments for professional athletes.
Demoff, a sports attorney who has represented star football, basketball and tennis players, will join Neuberger Bermans Private Asset Management Sports Group in February after leaving Mitchell, Silberberg & Knupp, LLP. Demoff will actively recruit new clients and market Neubergers wealth products and services, a company representative said. The firms money management talent "will be highly attractive," to his existing clients, Demoff said, in a statement.
Neuberger Bermans Sports Group was formed in 1999 and provides athletes, their agents and managers discretionary money management in customized portfolios as well as tax, estate and retirement planning. A company representative declined to comment on how many clients the company has or its assets under management.
Demoff makes the third managing director Neuberger has added this month. The other new hires include Steven Brown and Elizabeth Reagan who will head up the firms institutional real estate securities efforts and the sales and marketing of REITs, respectively. Both Brown and Reagan formerly worked for Cohen & Steers. Neuberger also hired Steven Guggenheimer as a managing director in its private asset management group. Guggenheimer comes from Merrill Lynch where he was a financial adviser and VP of investments. He will advise assets for the firms high-net-worth individuals and small to mid-size institutions.
As of Sept. 30, 2001, Neuberger Berman Inc. and its subsidiaries had $52.1 billion in assets under management.