New York (HedgeCo.net) – Neuberger Berman Group LLC, has launched the Neuberger Berman Absolute Return Multi-Manager Fund. The new fund is focused on absolute returns by allocating its assets to multiple hedge fund advisers that employ distinct alternative investment strategies. This the first such fund from an asset manager with the size and operational infrastructure of Neuberger Berman.
“We are very excited to launch a fund that will offer the liquidity and accessibility of a mutual fund and the underlying investments of hedge fund strategies,” Eric Weinstein, chief investment officer and managing director of the newly launched fund.
The Fund is managed by members of the Neuberger Berman Fund of Hedge Funds (FoHF) team and is the first time this team’s expertise is offered in a mutual fund. Unlike traditional hedge funds, this fund provides daily liquidity, lower investment minimums ($1,000 for Class A and C shares), will deliver 1099s to shareholders, offers full transparency of portfolio holdings and does not have a performance based management fee.
The new fund is managed by a team including Eric Weinstein, chief investment officer and managing director; Jeff Majit, managing director; Fred Ingham, managing director; David Kupperman, Ph.D., managing director; and Ian Haas, senior vice president. The team expects to add additional highly skilled hedge fund managers in the future.
“We are strong believers that alternative mutual fund solutions–‘liquid alternatives’–are applicable to investors who have historically not been able to access hedge fund strategies as well as institutions that seek liquid and cost-effective solutions.” David Kupperman said,” We see a future where defined contribution plans embrace alternative investments in providing 401(k) plan participants a full investment solution.”
Also hired is MacKay Shields as a sub-adviser for long/short credit arbitrage and intends to begin allocating assets to this manager when the new fund has approximately $125 million in assets.
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