Neuberger Berman Australia Ltd. expects a couple more mandate wins to add to the five it has won since April worth $550 million.
“We hope for a slow and steady growth for our business,” says Lucas Rooney, the Melbourne-based senior vice president of Neuberger Berman Australia. “We have an institutional focus and want a long-term relationship that will become multi-asset class.”
Neuberger Berman has three Australian-based staff. Globally the firm manages $US183 billion ($176.8 billion) with about 1600 staff. The firm’s Australian customers include HOSTPLUS, IOOF, IntrustSuper and Energy Super.
Rooney expects to add more sales staff to help garner business.
“In Australia we’d like to add to our staff in the client service function,” says Rooney.
Paul O’Halloran, a Neuberger Berman senior vice president, says there are no plans to hire an Australian investment team.
“The Australian equities market is crowded with players,” says O’Halloran. “I’m not sure we would bring anything to the table.”