Ex-Citadel Exec Launches Hedge Fund with Neuberger Berman

December 18, 2016 James Heinsman Hedge Fund News

Former Citadel executive Joseph Rotter opened a new hedge fund at Neuberger Berman. The move is the newest for the money management firm to expand to alternative investments. Neuberger Berman used to be owned by Lehman Brothers.

Principal Strategies Group started trading at the end of October, and now has $209 million in assets under management. The information was sent out by Rotter in a letter to his clients last week, but did not make clear whether all the money is in just one hedge fund, or in several. Rotter explained that the fund has been doing well since it launched, but did not state any specific numbers. It should be noted that the S&P 500 has risen 5.5 percent since the launch of the fund.

Neuberger was bought out of the Lehman Brothers bankruptcy by its head executives. It has a debt hedge fund and another fund that invests in other hedge funds. The firm also has mutual funds and individual client accounts.

In his letter to his clients Rotter stated that he expects that President-elect Donald Trump will be good for hedge funds that place their bets on corporate deals.

“The potential for significant regulatory and tax reform may spur a new cycle of deals,” said Rotter. “We are excited about our opportunity.”

Joseph Rotter, Neuberger Berman, Principal Strategies Group,

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