Neuberger Berman expands long/short range with global credit fund

Neuberger Berman has launched a global credit long/short fund for a four-strong team of credit managers that joined the group through an acquisition last year.

The lead manager of the fund, Norman Milner, joined the group with colleagues Rick Dowdle, Darren Carter and Itai Baron from US firm Orchard Square Partners after it was acquired by Neuberger in 2014. The four managers have worked together on credit long/short strategies for nine years and have an average of 18 years of investment experience. The fund applies bottom-up credit analysis to achieve equity-like returns from securities and only invests in large-cap liquid credit, avoiding structured credit or distressed debt. It will also use systemic hedges to protect capital. The use ...