Neuberger Berman

High-Level Overview

Neuberger Berman is a private, independent, employee-owned investment management firm founded in 1939, managing $558 billion in client assets as of late 2025 across equities, fixed income, private equity, hedge funds, real estate, and multi-asset strategies for institutional investors, advisors, high-net-worth individuals, pension plans, sovereign wealth funds, and charitable organizations.[1][2][4][6] Its mission centers on delivering compelling long-term investment results through deep fundamental research, investment insight, continuous innovation, and a culture of free idea exchange, with a strong emphasis on client partnership, ESG integration (as a PRI Leader), and customized public-private solutions.[2][4][5][6] The firm's investment philosophy prioritizes alpha generation in equities, comprehensive fixed income platforms, and differentiated access to private markets via GP relationships, while its key sectors include global/U.S./emerging markets equities, quantitative/thematic strategies, private credit, high-yield bonds, liquid alternatives, and real assets.[1][4][5][6] In the startup and broader ecosystem, Neuberger Berman influences through private equity and credit investments, providing capital and insights to sophisticated private market opportunities, though it focuses more on institutional-scale deals than early-stage startups.[1][6][8]

With over 2,600 professionals across 26 countries and 39 cities, the firm stands out for its employee alignment—100% ownership by employees/directors—and has expanded globally while maintaining a boutique approach for private wealth clients, including tax planning and fiduciary services.[2][3][4][6]

Origin Story

Neuberger Berman was co-founded in 1939 by art collector and investor Roy Neuberger and banker Robert Berman, initially focusing on equities and value investing for individual and institutional clients.[1][2][4] The firm grew steadily, establishing milestones like its socially responsive investing team in 1989, Neuberger Berman Trust Company in 1994, and expansions into hedge funds (2004), quantitative investing (2005), and multi-asset strategies (2008).[4] A pivotal moment came in 2003 when Lehman Brothers acquired it, but the 2008 financial crisis and Lehman's collapse prompted a management buyout in 2009, backed by Bain Capital and Hellman & Friedman, transforming it into a fully independent, employee-controlled entity.[1][4] Since then, it has evolved from a U.S. equity specialist into a global powerhouse, adding private equity, emerging markets debt, private credit (2013), and acquisitions like Almanac Realty Investors (2020), while growing its international footprint in Asia-Pacific and beyond to serve expanding overseas clients.[1][4]

Core Differentiators

• Unique Investment Model: 100% employee-owned structure enables long-term focus without public shareholder pressures, with employees investing over $6 billion in firm strategies and all deferred compensation linked to them; offers customized public-private solutions and minority stakes in hedge/private equity funds.[4][6]
• Network Strength: Global presence in 26 countries with 788 client professionals and 776 investment pros; deep GP relationships in private markets for robust deal flow; serves diverse clients like pension funds ($383bn AUM), financial institutions ($94bn), and private clients ($82bn).[2][4][6]
• Track Record: 85+ years of history, PRI Leader for ESG (top 1% scoring), ranked #1 or #2 in Pensions & Investments' Best Places to Work for eight years; manages $558bn AUM with expertise in alpha-generating equities, fixed income, and alternatives.[2][4][6]
• Operating Support: Culture of fundamental research, data science, stewardship, and innovation; provides planning, fiduciary, trust services for private wealth; 25+ average years experience for portfolio managers.[2][4][6]

Role in the Broader Tech Landscape

Neuberger Berman rides trends in alternative investments, private credit, and sustainable/ESG strategies amid rising demand for diversified, long-term portfolios in volatile markets, leveraging its private markets ecosystem for tech-enabled deal flow in areas like quantitative investing and data science.[4][5][6] Timing favors its model post-2008 independence, as institutions seek employee-aligned managers amid public market pressures and private asset growth; market forces like low rates, inflation, and geopolitical shifts boost its high-yield, emerging markets debt, and real assets capabilities.[1][6] It influences the ecosystem by channeling institutional capital into private equity and credit, supporting tech and innovation sectors indirectly through GP partnerships and thematic equity strategies, while its global research and stewardship shape ESG standards for tech-driven sustainable investing.[2][4][5]

Quick Take & Future Outlook

Neuberger Berman is poised for continued AUM growth beyond $558bn, driven by alternatives expansion (private credit, real estate) and Asia-Pacific demand, with employee ownership ensuring resilience in economic cycles.[1][6] Trends like AI-enhanced quantitative strategies, climate-focused real assets, and private market democratization will shape its path, potentially amplifying influence via more tech-integrated platforms and ESG leadership.[4][5] Its evolution from equity roots to global alternatives powerhouse positions it to deepen ecosystem impact, delivering enduring client results as in its 85-year founding promise.[4]