Neuberger Berman has added five people to its fixed-income platform who will focus on private placement credit markets.
The five-member team will be “fully integrated” with Neuberger Berman’s $201 billion fixed-income platform, “leveraging the firm’s broad research, risk and operational resources,” the release said.
Neuberger Berman noted in the release that $57 billion of the firm’s total $437 billion in assets under management as of Sept. 30 were linked to 200 insurance company clients, explaining that globally the private placement asset class has been “historically dominated” by insurance companies. Neuberger Berman added that this new team’s “long-standing industry relationships and market leadership built over two decades will benefit clients.”
Brad Tank, managing director, chief investment officer and global head of fixed income at Neuberger Berman, said in the news release that “the addition of private placement credit to our global fixed-income platform furthers our goal to create the industry’s best, customizable portfolios utilizing both public and private markets.”
Jason Pratt, senior portfolio manager and head of insurance fixed income, added that “demand for the asset class continues to grow in light of persistently low-yield opportunities and a desire from insurers and other institutional investors to gain high-quality credit exposure and diversification with greater total return characteristics. In addition to insurance companies, we believe there will be broader demand from the institutional market.”
Read more/Source: Hedgeweek
