by Jamie Redman
The private investment management firm with $402 billion in assets under management (AUM), Neuberger Berman Group LLC, has revealed the company now has active exposure to cryptocurrencies like bitcoin. The multi-billion-dollar asset manager disclosed this information in a Form 497 in order to comply with the Securities and Exchange Commission’s EDGAR filing system.
Neuberger Berman (NB) has detailed in a Form 497 filing with the Securities and Exchange Commission (SEC) that it is now permitting active exposure to crypto investments. The company is a well known wealth manager with $402 billion AUM today and in 2003 Neuberger Berman merged with Lehman Brothers.
Following the collapse of Lehman Brothers on September 15, 2008, Neuberger Berman continued to operate and spinned itself away from the parent company. The filing with SEC shows the firm permits exposure to cryptocurrencies now and mentions the leading crypto assets bitcoin (BTC) and ethereum (ETH) in the filing.
“Neuberger Berman Commodity Strategy Fund’s (the “Fund”) investment strategy will permit actively managed exposure to cryptocurrency investments and digital assets through (i) cryptocurrency derivatives, such as bitcoin futures and ether futures, and (ii) investments in bitcoin trusts and exchange-traded funds to gain indirect exposure to bitcoin.”
The statement also follows Neuberger Berman’s Central Index Key (CIK) filing on the SEC’s network system that discloses information on the “Neuberger Berman Hedged Cryptocurrency Volatility Fund LLC.”
The CIK filing was published on July 29 and there’s been no official mention of the crypto fund from Neuberger Berman’s marketing team. The company has been experiencing strong growth since 2010 seeing 14% per year when it tapped $250 billion AUM in 2014.
In mid-March, the crypto community caught a whiff of Neuberger Berman’s interest in bitcoin when it published a blog post called “The Bitcoin Experiment.” The editorial written by a number of Neuberger Berman asset managers highlights that the “ascent of bitcoin is capturing the imagination of investors globally.”
What do you think about Neuberger Berman adding bitcoin and ethereum exposure? Let us know what you think about this subject in the comments section below.
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