A. Description of Neuberger Berman Asia Limited (“NBAL”) and the Firm
NBAL
NBAL is a Hong Kong private company with limited liability that was formed in
December 2007 and registered with the SEC in August 2010. It is also licensed with and
regulated by the Hong Kong Securities and Futures Commission to undertake various
regulated activities, including dealing in securities, advising on securities and asset
management.
NBAL is directly owned by Neuberger Berman Asia Holdings II LLC, which is, in turn, owned
by Neuberger Berman Holdings LLC. It is an indirect, a wholly-owned subsidiary of
Neuberger Berman Group LLC (“NBG”).
The Firm
NBG is a holding company, the subsidiaries of which (collectively referred to herein as the
“Firm” or “Neuberger Berman”) provide a broad range of global investment solutions –
equity, fixed income, multi-asset class and alternatives – to institutions and individuals
through products including separately managed accounts, registered funds and private
investment vehicles. As of December 31, 2023, Neuberger Berman had approximately $463
billion under management.
1
NBG’s voting equity is wholly owned by NBSH Acquisition, LLC (“NBSH”). NBSH is owned
by current and former employees, directors, consultants and, in certain instances, their
permitted transferees.
Neuberger Berman is headquartered in New York City. As of December 31, 2023,
Neuberger Berman had approximately 2,826 employees in 39 cities around the world.
NBAL’s investment management services are further discussed below.
B. Types of Advisory Services
NBAL currently provides the following types of investment management services:
Funds
NBAL does not currently serve as the investment manager for any pooled investment
vehicles; however, it could do so in the future.
1Firm assets under management figures reflect the collective assets for the various
subsidiaries of NBG.
Sub-Advised Accounts
NBAL has been engaged by certain affiliates to act as sub-adviser and/or
sub-investment
manager in respect of certain pooled investment vehicles (the “Funds”) and/or accounts
managed by such affiliates (“Sub-Advised Accounts”), whereby such affiliates have
delegated discretionary authority to NBAL.
Separately Managed Accounts
NBAL provides ongoing discretionary investment management services to institutional
clients based on their investment goals, objectives, time horizon, and risk tolerance. NBAL
provides its advisory services through separately managed accounts (“Separate Accounts”).
In order to meet the diverse investment objectives of its Separate Account clients, NBAL
could invest in investment strategies managed by NBAL or its affiliates, and non-U.S.
Registered Funds including UCITS, managed by NBAL or its affiliates.
The Funds, Sub-Advised Accounts and Separately Managed Accounts to which NBAL provides
investment management services are each referred to as a “Client Account” and collectively
as “Client Accounts.”
NBAL could engage an affiliate or third-party to act as sub-adviser or sub-investment
manager for Client Accounts.
C. Client Tailored Services and Client Tailored Restrictions
NBAL generally provides its investment management services pursuant to a discretionary
investment management agreement.
NBAL’s advisory services are performed in accordance with the terms of each investment
management agreement. Each Client is likely to impose investment restrictions or guidelines
for its account as it deems appropriate to achieve its particular investment objective. Such
investment restrictions and/or guidelines are typically described in the respective private
placement memorandum, prospectus or other offering document (the “Offering
Documents”) for each Fund, or in the case of other Client Accounts, in the relevant
investment management agreement.
D. Wrap Programs
NBAL does not sponsor or participate in wrap fee programs.
E. Assets Under Management
Discretionary
Amounts:
Non-Discretionary
Amounts:
Date Calculated:
$6,245,511,994 $0 12/31/2023