Investment manager Glickenhaus & Co is to transition its business to independent money manager Neuberger Berman.
Glickenhaus & Co manages approximately USD900m in client assets for high net worth individuals and non-profit institutions.
Portfolio management responsibilities will transition to Neuberger Berman’s Straus Group, led by senior partner Marvin Schwartz (pictured). The Straus Group currently manages approximately USD11bn of client assets. Glickenhaus and the Straus Group share a similar investment philosophy as value investors seeking strong long-term results, while aiming to protect client capital.
Glickenhaus portfolio managers Seth Glickenhaus, James Glickenhaus and Al Feinman will serve as senior advises to the Straus Group, although direct management of client accounts will be at the sole discretion of Neuberger Berman.
"We have had a close relationship with our friends at Neuberger Berman for decades and we have the greatest admiration for their work as well as for the firm’s commitment to partnering with clients,” says Seth Glickenhaus. “I believe Marvin Schwartz and his team have all the skills, resources and, most importantly, judgment, to successfully continue in our tradition of value investing for our clients."
"We’re honoured and delighted that Seth Glickenhaus, one of the true legends in our industry, has entrusted us with the opportunity to manage Glickenhaus client accounts,” says Schwartz. "Like Glickenhaus & Co., we bring decades of experience in managing money through difficult market environments, focusing on under-appreciated companies with strong, shareholder-friendly management teams. We will endeavour to continue in the Glickenhaus tradition to preserve and grow client wealth.”
"Neuberger Berman has a long history of managing assets for high net worth individuals and institutions," adds Joseph Amato, president of Neuberger Berman. "We are excited about the coming together of Seth’s long-standing investment history with our own. Both Seth Glickenhaus and the Straus Group share many of the exceptional qualities of our founder, Roy Neuberger, who started our firm in 1939 and successfully managed client portfolios for over six decades."
The transfer of client accounts will be subject to client consent. Terms of the transaction were not disclosed.