Neuberger Berman announced Thursday that it has launched its second alternative mutual fund.
According to the statement released by the firm, the new fund employs a long/short strategy-- much like a hedge fund—while offering daily liquidity. Neuberger has also hired external hedge fund managers to manage certain aspects of the fund’s investments.
David Kupperman, the managing director of Neuberger’s hedge fund solutions group, explained that “liquid alternatives (hedge fund strategies in a mutual fund form) can present attractive solutions for investors who have not been able to access traditional hedge funds.”
The fund is the second of its kind from Neuberger, which launched its $630 million absolute return multi-manager fund last year.
Founded in 1939, Neuberger Berman provides solutions for fund managers across equities, fixed income, hedge funds and private equity. It had $227 billion in assets under management as of September 30.