Global asset manager Neuberger Berman will continue its hiring spree in the second half of the year, with its sights set on between four and eight new private equity staff.
The firm has filled more than 11 mid- and senior-level private equity roles in the last 12 months, which include investment professionals and professionals in legal, finance, client services and other areas.
The expected private equity hires include three to four investment professionals, managing director and global head of NB Alternatives Anthony Tutrone told Private Equity International.
“Our mantra is it when it comes to hiring, there’s no such thing as a benign tumour. If you hire someone that doesn’t fit into your culture, they’ll pull down the whole corpus. So we’re extraordinarily careful,” he said, adding the firm would happily wait two or three years for the right person.
Recent senior hires by the firm include Amit Sachdeva, who joined the firm’s Hong Kong office as vice-president in August 2016, according to his LinkedIn profile.
In May, Philipp Patschkowski, formerly a principal at secondaries house Coller Capital, joined Neuberger Berman in its London office to build its European private equity business, including investing and co-investing, as reported by sister title Secondaries Investor.
“The areas where we’ve been hiring people, especially at the more senior level, have been in connection with product innovation, where we may need to supplement our existing capabilities to develop and launch a strategy; internationalisation, because our roots are in the US but we’re a global asset management firm, so we have supplemented our capabilities internationally in Europe and in Asia; and then in our infrastructure,” Joana Rocha Scaff, managing director and head of Europe private equity, told PEI.
The firm climbed into the top 10 in the PEI 300 this year, ranked ninth with a five-year fundraising total of $20.4 billion. The firm’s global committed capital for alternatives exceeds $50 billion. Around $24 billion is in its private investment portfolios, of which $14.4 billion is in customised accounts.
“It’s probably the fastest-growing part of our business where you have very sophisticated investors who have very bespoke requirements,” Tutrone said of the firm’s customised accounts programme.
“Families are a newer part of the business for us, but some of the large families do want our help and are active in private equity, and those tend to be highly customised. The bulk of our programmes are of course corporate and public pensions, endowments, sovereign wealth funds.”