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.