Employee-controlled investment manager Neuberger Berman Management has selected J.P. Morgan Worldwide Securities Services to provide it with securities services.
J.P. Morgan will provide integrated prime custody services, fund accounting and fund administration for the recently launched Neuberger Berman Absolute Return Multi-Manager Fund.
The new fund seeks capital appreciation with an emphasis on absolute returns. It allocates its assets to multiple hedge fund advisers that employ distinct alternative investment strategies, according Neuberger Berman.
The fund is the first of its kind from an asset manager with the size and operational infrastructure of Neuberger Berman, and members of its fund of hedge funds team manage it.
Robert Conti, the CEO of Neuberger Berman Management, said: “We believe that alternative mutual fund solutions—‘liquid alternatives’—are ready to enter the mainstream of retail mutual fund investing. Neuberger Berman is well placed here, with our deep experience in mutual funds and significant alternatives business.”
“The fund is 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. Our decision to partner with J.P. Morgan reflects our confidence in their ability to support us across this multi-faceted and diverse set of strategies.”
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