Brown Brothers Harriman (BBH) has been appointed as custodian, administrator and transfer agent to Neuberger Berman Investment Funds.
The funds were previously entitled Lehman Brothers Alpha Funds until an employee buyout in May 2009. From 2003 to 2008, Neuberger Berman served as the asset management arm of Lehman Brothers.
The previous custodian was BNY Mellon. As new custodian, BBH will receive a fee of 0.02% of the net asset value of Neuberger Berman Investment Funds.
Launched in December 2000, the Funds are Dublin-domiciled UCITS investment vehicles. The range of nine sub-funds includes US, China and global equity funds, as well as high yield and currency funds. The range offers 75 share classes registered for distribution in the United Kingdom and other major European jurisdictions including France, Germany, Italy, Netherlands, Spain, Sweden, and Switzerland.
Dik van Lomwel, head of Neuberger Berman Europe and Middle East said: We are committed to delivering an exceptional service for our clients and were impressed by BBHs experience, expertise and ability to meet our international business requirements. A reputable service provider is key in the current economic environment and we are confident in their capacity to ensure the safekeeping of our assets.
We are delighted to be working with Neuberger Berman as they focus on the growth of their UCITS range, said Sen Pircir, BBH Partner and Managing Director of the firms fund administration office in Dublin. “BBH works with leading global asset managers and provides innovative, client focused solutions to assist them with their objectives. Our approach resonated with Neuberger Berman and we look forward to a successful long term relationship with them as we collectively focus on supporting their growth plans in the coming years.