Deals and People December 17, 2002

Neuberger Berman Lures Away Northern Trust Equity Unit

December 17, 2002 (PLANSPONSOR.com) - Neuberger Berman Inc. announced it has hired a new Growth Equity Group from Northern Trust Corp., which will be based in the firm's Chicago office and will manage growth equity assets.

Reported by

Fred Schneyer

The team, consisting of four portfolio managers and a product specialist, is headed by Jon Brorson, a veteran portfolio manager with 22 years of investment experience.

Brorson, who joins Neuberger Berman as a Managing Director and head of the Growth Equity Group, helped oversee $300 billion as Northern Trust’s equity chief. Brorson was also a member of Northern’s Investment Policy Committee.

David Burshtan, Kenneth Turek, and John Zielinski join Neuberger Berman as Managing Directors and Portfolio Managers. Kristina Kalebich joins as a Managing Director and Product Specialist.

Reuters said in a news report that the transition is seen as coup for Neuberger, which has roughly $53.6 billion in assets under management, and a blow for Northern Trust, industry analysts said.

Neuberger has recently tried to shore up shrinking assets and earlier this month bought nearly $1 billion in assets from LibertyView Capital Management, Reuters said.

Brorson co-managed the Northern Institutional Diversified Growth Portfolio and the Northern Institutional Focused Growth Portfolio. John Zielinski who co-managed the funds with him, also joined Neuberger.