Neuberger Berman is to 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, says: "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 US 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, says: "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, which is expected to close in August 2015, have not been undisclosed.
