Neuberger Berman, an employee-owned investment management firm, has launched its Global Real Estate Securities Fund, a sub-fund of its Irish-domiciled Ucits fund Neuberger Berman Investment Funds.
The fund offers investors access to the burgeoning global real estate securities market which has tripled in size since 1997. Real estate securities should appeal to investors in a low yield environment as they have competitive total returns and low correlation to fixed-income securities.
The fund invests in a diversified portfolio of global real estate securities with an aim of outperforming the FTSE EPRA/NAREIT Developed Index, a real estate index jointly managed in the UK, Brussels and the US respectively.
The portfolio managers will look to invest in companies with attractive combinations of well-established management teams, economies of scale and balance sheet strength. The portfolio will typically hold 50-70 securities, diversified by geographic region, countries and property sectors.
The fund will be managed by Neuberger Berman Global Real Estate Securities Group, led by portfolio manager Steve Shigekawa. The team also includes Brian Jones, who is based in the US with Shigekawa, Gillian Tiltman in Europe and Anton Kwang in Asia Pacific. The group manages around $2.7 billion (€2.4 billion) assets under management.
Shigekawa says: "This new fund is a natural extension of our existing US strategy and has been launched in response to increasing interest from clients for global strategies."
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