Neuberger Berman creates finance group with specialty niche
The creation of Neuberger Berman Specialty Finance (NBSF) group, as recently announced by parent company Neuberger Berman from its New York City headquarters, is designed as a segue into a wider scope within the specialty finance industry.
NBSF oversees $299 billion worth of assets, with approximately one-fifth designated for alternative investment types. While the firm already targets short-term consumer, small business and bridge loans, its direction will shift towards collaboration with skilled underwriting and service resources.
To strengthen the transition, NBSF has hired Peter Sterling as head of its specialty finance sector. Sterling previously worked in an executive capacity at Coastland and as a credit arbitrage portfolio manager at various hedge funds.
“NBSF is well-positioned to become a global leader within specialty finance,” Sterling said. “Building the business within Neuberger Berman’s existing infrastructure gives us several competitive advantages on top of our team’s existing relationships and experience.”
Additional support will derive from teamwork with managing director Samuel Porat and hedge fund co-managers David Kupperman and Jeff Majit, who noted that the firm can benefit from both collaboration and current market conditions.
“We see quite a few investment opportunities with the potential to earn attractive returns with a significant yield component,” said Porat, while Kupperman added that “technological forces … disrupting the travel, media, retail and other industries are also changing the way we bank and access capital.”