Neuberger Berman is to purchase Ramius’ interest in Orchard Square Partners, which manages a global long/short credit investment strategy with approximately USD475 million in client assets.
Orchard Square Partners is led by four senior investment professionals, Norman Milner, Rick Dowdle, Darren Carter and Itai Baron, who have worked together for over eight years and have an average of 18 years of experience.
The team is supported by seven professionals who will also be joining Neuberger Berman.
Orchard Square Partners manages capital for a diversified investor base comprised of insurance companies, institutions, family offices, high net worth individuals, foundations and endowments from North America, Europe, Asia and the Middle East.
Terms of the deal, which is expected to close on 31 December 2014, have not been disclosed.