Launched with assets of $42m (£26m), the vehicle is co-managed by London-based new recruit Jon Jonsson, and Andy Johnson, head of investment grade fixed income in Chicago.
The fund adopts Neuberger Berman’s grandiose-sounding ‘State-Space Analysis’, which combines multiple sources of alpha generated across the firm’s wider fixed income platform.
This fundamentally-driven approach is designed to avoid persistent macro or thematic biases in the portfolio and targets a low beta to fixed income markets over a full market cycle.
The process is currently deployed in the management of both benchmark relative and unconstrained strategies in the US.
“In common with previous Neuberger Berman product launches, we worked closely with clients to develop this strategy, in this case addressing the increasing demand for absolute return fixed income,” said Dik van Lomwel, head of Neuberger Berman EMEA and LatAm.
Yesterday, Pimco unveiled its latest innovative fixed income offering, a financials debt fund.