Joining Neuberger Berman from Sloate, Weisman, Murray & Company are co-founder Laura Sloate; Donna Leone, formerly COO and principal; and Sloate’s co-portfolio manager Adam Hershey, according to a news release.Neuberger Berman is acquiring substantially all of the assets of Sloate Weisman. Sloate was named a Neuberger Berman managing director.
At Sloate Weisman, Sloate and Hershey managed approximately $300 million primarily for high net worth individuals and institutions, according to the announcement.
Sloate co-founded Sloate Weisman in 1974, serving as chairman, treasurer, chief investment officer and director of research. She began her career in 1968 as a security analyst with Scheinman, Hochstin & Trotta, according to the news release.Sloate received her bachelor’s degree from Barnard and her master’s degree from Columbia University.
Before joining Sloate Weisman in 2003, Hershey worked at Spear Leeds & Kellogg, a subsidiary of Goldman Sachs. He received a bachelor’s degree from Tulane University’s A.B. Freeman School of Business.
This isn’t the first time that Neuberger has brought on an existing manager team. In December 2002, the firm hired a growth equity group from Northern Trust Corp. that was made up of four portfolio managers and a product specialist.(SeeNeuberger Berman Lures Away Northern Trust Equity Unit ).