Neuberger Berman taps J.P. Morgan Clearing as new custodian

Move expected to occur during the second quarter, and will affect approximately 50,000 client accounts.
APR 20, 2010
Neuberger Berman Group LLC has chosen J.P. Morgan Clearing Corp. as its clearing and custody provider, ending an 18-month relationship with Broadridge Financial Solutions Inc., Neuberger announced today. Neuberger chose Broadridge subsidiary Ridge Clearing as its custodian after freeing itself from bankrupt Lehman Brother Holdings Inc. and became an employee-owned money manager. Broadridge announced in November that it plans to sell Ridge Clearing to Penson Worldwide Inc. and its Penson Financial Services Inc. subsidiary. Neuberger's move to J.P. Morgan is expected to occur during the second quarter, and it will affect approximately 50,000 client accounts, Neuberger said in a press release. Neuberger, which manages $173 billion in assets, selected J.P. Morgan “following a thorough due diligence process,” the firm noted. Separately, the Financial Times reported today that Neuberger will soon list its first distressed debt fund on the London exchange. A spokesman for the firm declined to confirm the report. Neuberger already has a private-equity fund on the same exchange.

Latest News

SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures
SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures

Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.

Private capital's $1 trillion bet on the American retirement account
Private capital's $1 trillion bet on the American retirement account

From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.

Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May
Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May

Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.

Why uncertainty is making behavioral coaching more valuable than ever
Why uncertainty is making behavioral coaching more valuable than ever

Markets have always been unpredictable. What has changed is the amount of information investors are trying to process and the growing role advisors play in helping clients avoid emotional decisions

Florida investor hits real estate syndicator with fraud suit over $750K
Florida investor hits real estate syndicator with fraud suit over $750K

Six apartment deals, one "big account," and $2.7M in undocumented insider loans. Now the lawsuit lands

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management