Neuberger Berman appoints distressed credit veteran

Independent money manager Neuberger Berman Group has recruited a distressed credit portfolio manager.

Michael J. Holmberg will be based in Chicago and joins the firm’s leveraged asset management platform, which will now include distressed debt securities.

Prior to Neuberger Berman, Holmberg founded Chicago-based Newberry Capital where he focused on distressed credit-related assets for institutional clients. He began his career investing in distressed credit at Continental Bank in 1988. He also served as principal with Moore Strategic Value Partners in Tokyo and New York.

Founded in 1939, Neuberger Berman manages approximately US$160bn in assets and employs 1,600 people.