Neuberger Berman Group, a privately held independent money manager, has hired Michael J. Holmberg, a distressed credit portfolio manager, and his team of four other investment professionals from his previous firm, Newberry Capital Management.
Holmberg, who will be based in Chicago, joins Neuberger Berman's integrated leveraged asset management platform, which will be extending its product offerings to include distressed credit securities.
'We are delighted to be able to add someone of Michael Holmberg's stature to focus on the compelling distressed credit investment opportunities available in the marketplace today,'' says Joseph Amato, president of Neuberger Berman. 'Michael and his team have a history of delivering for their clients and are a great fit for Neuberger Berman's investment culture.'
Before joining Neuberger Berman, Holmberg founded Chicago-based Newberry Capital, which focused on managing distressed credit-related assets for institutional clients.
He began his career investing in distressed credit at Continental Bank in 1988 where he established and managed the bank's global proprietary account. He also served as a key principal with Moore Strategic Value Partners in Tokyo and New York.
'We are excited to join Neuberger Berman, which is independent once more and demonstrating great momentum,' Holmberg says. 'The strength of Neuberger's platform made it an easy decision for us to come on board at this time.'