Neuberger Berman has acquired from Horizon Kinetics an investment team that manages collateralised index-based options portfolios that seek to capture global volatility premiums.
The team’s investment track records, proprietary research and client assets have also transferred to Neuberger Berman.
Neuberger Berman’s new options investment team is overseen by Doug Kramer, who joined the firm in November 2015 as co-head of Quantitative & Multi-Asset Class Investments, working alongside current Multi-Asset Class Chief Investment Officer Erik Knutzen.
Derek Devens also joins Neuberger Berman from Horizon Kinetics as a Managing Director and senior portfolio manager along with research analysts, Rory Ewing and Eric Zhou. With the addition of this team, Neuberger Berman strengthens its lineup of systematic, outcome oriented investment capabilities.
Previously, Kramer was CEO of Horizon Kinetics, an investment management firm with approximately $8bn (€7.3bn) in assets under management, and prior to that a Managing Principal of Quadrangle Group and a Partner of Goldman, Sachs & Co., where he served as Chief Investment Officer and head of the Global Manager Strategies Group.
Joseph Amato, President and Chief Investment Officer, Equities, at Neuberger Berman, said: “This highly differentiated global options strategy has a demonstrated, long term track record of delivering attractive risk adjusted returns.
“Doug’s leadership and investment expertise is valuable as we serve global investors seeking innovative, outcome oriented solutions.”
Kramer said of coming to Neuberger Berman: “The breadth and rigor of Neuberger Berman’s investment capabilities is well suited to serve a wide variety of client needs. I am excited to be working with such a talented group of investment professionals as we help clients achieve their unique investment objectives.”