NEW YORK - The asset management firm Neuberger Berman has agreed to buy Executive Monetary Management, which provides wealth management services to high-net-worth individuals and families, particularly senior executives and leaders in entertainment, law, and finance.

The New York firm, which has $1.8 billion of assets under management, would operate as a separate division of Neuberger Berman. William Aaron and Michael Stein, the founders and principals of Executive Monetary Management, would become co-presidents of Neuberger Berman's EMM division and managing directors for the company.

The deal is expected to close in the first quarter. The price was not disclosed. Neuberger Berman had $56 billion of assets under management as of Sept. 30.

Neuberger Berman has also introduced a no-load, open-end fund, according to a filing with the Securities and Exchange Commission.

The Neuberger Berman Fasciano Fund will seek long-term capital growth by investing primarily in the common stocks of companies with market capitalizations of less than $1.5 billion. It will invest in smaller companies with strong business franchises that sustain earnings growth for three to five years, according to the SEC filing.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.