Neuberger Berman gets a lot right, earning it an Above Average Parent rating.
Over its 86-year history, Neuberger Berman has both developed and acquired what are now core capabilities spanning public and private markets across asset classes. While not all its offerings are standouts, and it had mixed success with a trio of thematic exchange-traded funds it launched in 2022—one of which has been closed and another changed—the firm boasts strong, enduring franchises, including its small-cap Genesis team and its multisector fixed-income Strategic Income offering.
Neuberger seldom makes flashy headlines, preferring to broaden its reach around the edges. Like many of its active management competitors, it has rolled out several active equity and fixed-income ETFs in the US over the past two years. Its considerable institutional client base, constituting nearly 70% of its USD 538 billion in June 2025 assets under management, has helped support its private market capabilities, and the firm launched an asset-based credit interval fund in August 2025, joining the growing list of asset managers lining up to offer retail investors access to private markets. Meanwhile, it is bolstering its regional equity capabilities in the Middle East. Its 2023 foray into the Chinese onshore fund market has been slow-moving, though Neuberger Berman is now one of the largest foreign management companies there.
At the foundation of the firm's efforts and culture is a convincing organizational structure. Neuberger Berman is a 100% employee-owned partnership. Ownership across the firm is broad-based, including many senior investors, and portfolio-manager investment in funds and client portfolios is both encouraged and mandated, creating alignment. The partnership structure, which allows partners to participate in the success of the firm, has also engendered stability across the investment ranks.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Neuberger (Branding Name ID: BN000009J2), is covered by Morningstar Manager Research.
United States