Neuberger Berman has poached three sustainable equity executives and analysts from NN Investment Partners.
Hendrik-Jan Boer, head of sustainable equities and sustainable equity portfolio managers Alex Zuiderwijk and Jeroen Brand, along with four out of seven dedicated analysts to NN IP's sustainable equity strategies, have left the firm, according to a Sept. 29 analyst note from Morningstar. A spokeswoman for NN IP confirmed the departures and that they were joining Neuberger Berman. A spokeswoman for Neuberger Berman declined to comment.
NN IP will replace the executives and has "immediately taken all the necessary steps to continue the management of our clients' assets. We have appointed a strong interim team of experienced portfolio managers and analysts that know the investment philosophy and investment process very well. The proven investment process of the sustainable equity strategies will also not change," the spokeswoman said in an email.
Morningstar said it had placed the NN Global Sustainable Equity and NN Duurzaam Aandelen Fonds under review. The departures are "a very heavy loss for NN IP and especially for their sustainable equity strategies. Our main conviction in these funds was based on its team, as we especially held Boer in high regard," the Morningstar note said.
Neuberger Berman integrates ESG factors into portfolio construction and security analysis, with 100% of assets "ESG conscious," according to its 2019 ESG report. The firm runs $23 billion in equity strategies and has a total $356 billion in assets.
The manager has also added a number of executives to its business over the past year, hiring Gilles Drukier as managing director and head of insurance solutions for Europe, the Middle East and Africa in August and adding 32 employees with its January acquisition of $4 billion real estate manager Almanac Realty Investors.
