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.