Neuberger Berman has launched a specialty finance group and hired Peter Sterling as a managing director and head of the new group, spokesman Alexander Samuelson said.
The Neuberger Berman Specialty Finance group will seek assets within the consumer, small business and bridge loan sectors to build short-duration, income-producing credit portfolios for its clients, the news release said. The group will partner with loan originators to create these diversified portfolios and leverage internal research and data to position portfolios for the current economic climate.
NBSF will work with Samuel Porat, a managing director responsible for alternative yield strategies at Neuberger Berman, as well as David Kupperman and Jeff Majit, both managing directors, who co-manage the firm's alternative investment management team.
"Building the business within Neuberger Berman's existing infrastructure gives us several competitive advantages on top of our team's existing relationships and experience," Mr. Sterling said in the release. "As the alternative credit industry has matured, access to high-quality deals and strong investor partnerships will be a key ingredient to success."
Mr. Sterling was president of Coastland Capital, which terminated its registration with the Securities and Exchange Commission in January.
Neuberger Berman managed $299 billion in assets as of March 31.
James Comtois is a reporter at InvestmentNews' sister publication, Pensions&Investments.