Neuberger Berman Files For Active ETFs

By Staff
November 19, 2010

Neuberger Berman joins the lengthening line of mutual fund firms planning to offer ETFs.

Neuberger Berman, the New York-based employee-controlled money management firm, joined the growing number of mutual fund firms laying the groundwork to offer exchange-traded funds by filing paperwork with the Securities and Exchange Commission detailing plans for actively managed ETFs.

The company cast a wide net, saying in the filing it has plans to offer various ETFs that invest in stocks and fixed-income securities inside and outside the U.S., as well as currencies and other ETFs, including funds-of-funds using ETFs managed by Neuberger Berman.

The filing makes Neuberger Berman the latest high-profile financial company to throw its hat into the still-undeveloped realm of actively managed ETFs. The vast majority of the $950 billion in U.S. ETF assets are in passive index funds. But there are a few exceptions, including the Pimco Enhanced Short Maturity ETF (NYSEArca: MINT), a money-market fund proxy that had almost $456 million as of Nov. 18.

Other companies that have made exemptive relief filings with the SEC outlining plans for actively managed ETFs include Goldman Sachs, Legg Mason, J.P. Morgan, Dreyfus, Janus and Alliance Bernstein.

Exemptive relief grants ETF firms exception to sections of the Investment Act of 1940 and are just the first step in the path to launching ETFs. It often takes at least six to 12 months from the date of the initial filing for a company’s first ETF to hit the market.


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