New York-based Neuberger Berman is in the process of launching a multi-strat alternative mutual fund, Money Management Executive has learned.
The fund will employ 12 different alternative strategies, according to Jason Ainsworth, managing director and head of the Advisor Solutions Group. He declined to provide further details on the fund.
However, he told MME that: “One of the great things we got from Lehman Brothers Asset Management as part of the transition in 2008 was we bought unbelievable private equity, hedge fund capabilities, and trying to find that liquid alternative ’40 Act vehicle that’s appropriate for the advisor space is something that we’ve been endeavoring towards. Quite frankly, this is something we’re being asked by the wirehouses and the regional broker-dealers to do.”
The firm currently managed some $27 billion in assets as of December 31, 2011.