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Money Management

Neuberger Berman brings Breton Hill Capital into the fold

Neuberger Berman acquired Breton Hill Capital, a Toronto-based quantitative money manager with $2 billion in assets under management, Neuberger Berman spokeswoman Nicole Hakimi said.

Financial terms of the deal were not disclosed. Breton Hill's team is expected to join Neuberger Berman sometime in the fourth quarter.

Breton Hill's investment process will continue to be led by co-founder Ray Carroll, which he developed with co-founders Simon Griffiths and Frank Maeba. The three founders are supported by 11 investment professionals, all of whom are expected to join Neuberger Berman.

"If we look at our client base now, it is almost all North American. Neuberger has great global relationships," said Mr. Carroll, who is CEO and chief investment officer, in a phone interview. "This move allows us to invest in the same manner we always have, while leveraging the deep resources of a large, global investment firm."

Doug Kramer, Neuberger Berman's managing director and co-head of quantitative and multiasset-class investments, said in the same phone interview that this deal "was an interesting way to serve our clients better."

"The Breton Hill team brings a lot of experience in the (quant) space, along with a technology platform that they've developed," Mr. Kramer explained. "Breton Hill can focus on generating research through its cutting-edge technology and generating alpha, while we can bring the scale and relationships to Breton Hill in ever-increasing ways."

Mr. Kramer added that Breton Hill will retain its Toronto office, which "increases (Neuberger Berman's) footprint in Canada."

Neuberger Berman had $271 billion in AUM as of June 30.