NEW YORK, June 25, 2015 /PRNewswire/ -- Neuberger Berman,
one of the world's leading private, employee-owned investment
managers, today announced that it has entered into an
agreement with Merrill Lynch Alternative Investments LLC ("Merrill
Lynch"), the alternative investment business of Bank of America
Corp. ("Bank of America") (NYSE: BAC) whereby Neuberger Berman will
acquire the management rights to certain Merrill Lynch traditional
non-registered and 40-Act-registered private equity fund of funds.
Merrill Lynch selected Neuberger Berman following an extensive due
diligence process focused on private equity investment expertise,
40-Act capabilities and dedication to client service. Key private
equity professionals from Merrill Lynch will be joining Neuberger
Berman concurrent with the transaction.
Anthony Tutrone, Global Head of
Alternatives at Neuberger Berman, commented, "We are delighted to
add these Merrill Lynch funds and team members to our growing
platform of traditional and registered alternative investments.
This transaction provides an exciting opportunity to deliver our
extensive alternative investment capabilities to a broader audience
through our ongoing relationship with Bank of America Merrill Lynch
and U.S. Trust. We will maintain the level of investment excellence
established at the existing funds and provide new and innovative
products including 40-Act private equity funds of funds to address
the growing demand for private equity from a wider range of
investors."
Keith Glenfield, Head of the
Alternative Investments at Bank of America Merrill Lynch, said,
"Neuberger Berman's strong alternative investments capabilities and
commitment to client service align well with our mission to provide
best-in-class solutions to help our clients achieve their
goals."
Terms of the deal are undisclosed. The transaction is
expected to close in August 2015.
Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent,
employee-owned investment manager. The firm manages equities, fixed
income, private equity and hedge fund portfolios for institutions
and advisors worldwide. With offices in 18 countries, Neuberger
Berman's team is more than 2,100 professionals and the company was
named by Pensions & Investments as a 2013 and 2014 Best
Place to Work in Money Management. Tenured, stable and long-term in
focus, the firm fosters an investment culture of fundamental
research and independent thinking. It manages $251 billion in client assets as of March 31, 2015. For more information, please
visit our website at www.nb.com.
Disclaimer:
The above press release is for information purposes only and it
should not be regarded an offer or solicitation of an offer. We do
not represent that this information, including any third party
information, is accurate or complete and it should not be relied
upon as such. Investing entails risks, including possible
loss of principal. Past performance is not indicative of
future results. The information contained in this press
release is given at the date of its publication (unless otherwise
marked) and is subject to updating, revision and amendment.
The opinions expressed reflect the opinion of Neuberger Berman
Group and its affiliates ("Neuberger Berman") and are subject to
change without notice.
Neuberger Berman is a registered trademark.
© 2015 Neuberger Berman.
Media Contact:
Neuberger Berman, Alexander
Samuelson, 212 476 5392, Alexander.Samuelson@NB.com
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