Fund launches & closures

Neuberger launches quasi retail FoHF

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Neuberger Berman Group has launched the Neuberger Berman Absolute Return Multi-Manager Fund, its first fund of funds to employ a mutual fund structure. One of the most interesting characteristics is that the quasi-retail FoHF will not have a performance-based management fee.

The fund of funds, which will be managed by the Neuberger Berman fund of hedge funds team that runs $3 billion in multi-manager assets, will seek capital appreciation with an emphasis on absolute returns by allocating its assets to multiple hedge fund advisers that employ distinct alternative investment strategies.

The underlying managers for the new mutual FoHF