Neuberger Berman Acquires MIO Partners

Neuberger Berman has acquired MIO Partners, Inc., an asset management firm, for an undisclosed amount.

MIO Partners, an indirect, wholly-owned subsidiary of McKinsey & Company, was established in the early 1980s to manage assets for McKinsey’s retirement plan.

This acquisition marks a significant expansion for Neuberger Berman in the asset management sector.

MIO Partners has evolved to provide comprehensive asset management services, including after-tax investments, for approximately 30,000 current and former McKinsey employees.

The firm, comprising around 250 professionals, focuses on offering convenient, time-saving investment options, notably including access to alternative investments.

MIO operates on an at-cost model, generating no profit for itself or McKinsey, with its incentives aligned with investors through significant management participation in the funds.

The acquisition is strategically significant for Neuberger Berman, allowing it to integrate MIO Partners' specialized expertise and expand its client base.

By bringing MIO's established platform and its substantial assets under management into its fold, Neuberger Berman aims to enhance its offerings and reach within the institutional and high-net-worth segments.

The move is expected to leverage MIO's proven model for delivering tailored investment solutions, particularly in alternative assets, to a sophisticated client group.

This transaction is anticipated to create synergies by combining Neuberger Berman's global investment capabilities with MIO's client-centric service model.

The combined entity is expected to offer an expanded suite of investment opportunities and continued dedicated service to MIO's existing clientele, while strengthening Neuberger Berman's overall market position in asset management.