Neuberger Berman has registered with the SEC to add a new technology fund to its fund complex.
Its newest fund will be the latest in a recent line of growth additions to what traditionally had been a value shop. The new fund will be overseen by a team of analysts led by
Jennifer Silver, managing director of Neuberger Berman and head of the firm's $3.0 billion Growth Equity Group.
"We will do a better job today as a technology fund manager than we would have before the addition of other growth funds," said Silver. "The company's history is in value investing and it wasn't until I joined in 1997 that we started to add a growth focus. A meaningful portion of our growth funds is now in technology issues."
The first growth fund for Neuberger was the revamping of its
Manhattan Fund in 1997, followed soon after by the launch of
Millennium Fund, a small- cap growth fund in 1998, and
Century Fund, a larger- cap growth fund in late 1999.
The fund expects to invest 65% of its assets in technology companies, utilizing a growth strategy and including investments in companies "in the developmental stage as well as older companies that appear poised to grow because of new products, technology or management." The fund has an expected expense ratio of 2.00%.
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