Neuberger Berman announced today that it has agreed to acquire the assets of LibertyView Capital Management from Credit Agricole Indosuez. The acquisition, which relates to approximately $1 billion in assets under management, is expected to close by year-end. Terms were not disclosed, and the transaction is subject to the signing of a definitive purchase contract and certain other conditions.
LibertyView is an alternative investment manager with both multi-strategy and single strategy funds that focus on equity, credit, volatility and mortgage-backed arbitrage and investing. The firm has a 10-year history, primarily serving institutional clients worldwide. Richard A. Meckler, currently President and Chief Investment Officer of LibertyView, will become President of the LibertyView Capital Management Division of Neuberger Berman and Managing Director of Alternative Investments at the firm. LibertyView’s key executives in trading, legal, and marketing, as well as professionals in risk control, operations and systems, will join Neuberger Berman. LibertyView will remain in its offices in Hoboken, N.J.
“This is an important strategic acquisition for Neuberger Berman,” says Robert Matza, Executive Vice President and Chief Operating Officer of Neuberger Berman. “LibertyView provides us with greater breadth and depth of product offerings in alternative investments, which are an increasingly important asset class for institutions, as well as high net worth individuals. LibertyView has a solid track record and an outstanding team of professionals. Their quality and integrity fit with the reputation, culture and ethics of Neuberger Berman. We see their expertise in alternative investments as a complement to Neuberger Berman’s core strength in equities and fixed-income investment management.”
“Joining with Neuberger was an easy decision given their sterling reputation, financial strength, and distribution capacity,” adds Meckler. “In addition, we were attracted by Neuberger Berman’s research capability and information systems strength. Our goal is to continue our growth as a major alternative investment provider to institutional and high net worth investors while maintaining our history of providing strong risk adjusted returns. Neuberger Berman has the same vision we do for the future of managing alternative investing, an organization with the size and scope to compete internationally for ideas and products while providing meaningful risk control, accurate pricing, portfolio transparency and high levels of client services.”
A Credit Agricole Indosuez spokesman said that, as part of its strategic plan, the bank has agreed to sell substantially all the assets of LibertyView. Credit Agricole Indosuez plans to continue to develop its investment product activity with LibertyView on behalf of its clients and currently intends to remain a direct investor in the LibertyView funds.
Neuberger Berman Inc. through its subsidiaries is an investment advisory company with $53.6 billion in assets under management, as of September 30, 2002.