Steven R. Brown was named managing director and head of a new institutional real estate securities business at Neuberger Berman. Elizabeth Reagan also was named managing director, responsible for related sales and marketing. Neuberger Berman is building a separate account institutional REIT business, said Peter Sundman, executive vice president. Mr. Brown and Ms. Reagan previously were senior vice presidents at Cohen & Steers. A nationwide search is under way to replace Mr. Brown; Ms. Reagans assignments will be delegated to others in the institutional client services division, said Bob Steers, chairman.