Neuberger Berman Group, a US-based employee-controlled money manager, has launched Neuberger Berman Long Short Multi-Manager Fund.
The new fund aims for long-term capital appreciation with a secondary objective of principal preservation by allocating its assets to a select group of external hedge fund advisers.
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According to Neuberger, the fund will provide daily liquidity, lower investment minimums, and 1099s for shareholders, while offering full transparency of portfolio holdings without a performance-based management fee.
The fund will also employ the risk management and monitoring, mix of managers and long short strategies, and operational due diligence traditionally available only to institutional and high-net-worth investors through traditional hedge funds.
Neuberger Berman said that the new fund will be managed by members of its Hedge Fund Solutions group serving the needs of institutional and high-net-worth investors since 2002.
Jeff Majit, managing director of Neuberger Berman, said: "We are delighted to introduce the Neuberger Berman Long Short Multi-Manager Fund in a format that offers the daily liquidity and accessibility of a mutual fund, and believe this fund can serve as a core hedge fund allocation for mutual fund investors."
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