Holmberg and team bring "distressed mkt" capabilities from Newberry Capital. Asset manager Neuberger Berman has hired distressed-credit portfolio manager Michael Holmberg, formerly with Chicago-based Newberry Capital Management. As a result, Neuberger Berman's Leveraged Asset Management platform will feature distressed-credit securities.

Holmberg joins Neuberger Berman with four of his ex-Newberry Capital colleagues.

"The opportunities and valuations in credit investing are tremendous today and Michael brings an added dimension to our already large and experienced credit team," says Brad Tank Neuberger Berman's CIO for fixed income.

Holmberg was a co-founder of Newberry Capitak, a distressed-debt and "special situations" fund manager. Prior to that, he was a principal with Moore Strategic Value Partners in Tokyo and New York, and distressed-credit manager with Continental Bank.

"Michael and his team have a history of delivering for their clients and are a great fit for Neuberger Berman's investment culture," says Neuberger Berman's president Joseph Amato.

New York-based Neuberger Berman used to be part of Lehman Brothers, which went bankrupt in September 2008. A consortium of about 200 of Neuberger Berman's executives and portfolio managers recently acquired 51% of the firm from the holding company established to disperse Lehman's assets for the benefit of its creditors. This holding company owns 49% of Neuberger Berman.

Neuberger Berman had $155 billion under management at the end of March 2009 -- 22% of that for high-net-worth clients, 58% for institutional clients; the rest distributed by outside intermediaries. -FWR 2713 2510 2469