Private, independent, employee-owned investment manager, Neuberger Berman, has acquired specialist asset manager Cartesian Re and its affiliated reinsurer, Iris Re, expanding its alternative investment platform.
Cartesian Re is the insurance-linked securities (ILS) asset management unit of Cartesian Capital Group, and this, alongside the unit’s reinsurance and segregated accounts vehicle, Iris Re, have been acquired by Neuberger Berman for undisclosed fee.
Cartesian Capital founded the ILS manager nine years ago, during which time the unit has expanded with a focus on investment returns that are uncorrelated with traditional asset classes, while providing investors with transparency and reduced counter-party risk.
Under the terms of the agreement, Cartesian Re is to be renamed NB Insurance-Linked Strategies and Iris Re will be renamed NB Reinsurance Ltd.
Cartesian Re’s Managing Directors Peter DiFiore, Cedric Drui and Charles Mixon, among all other professionals have joined Neuberger Berman, and will remain in their current positions.
Managing Partner of Cartesian Capital Group, Peter Yu, commented: “We are excited that Cartesian Re has now joined Neuberger Berman. I have long had the highest regard for Neuberger’s thoughtful investment philosophy and execution. We look forward to a long and productive collaboration.”
Head of Alternatives at Neuberger Berman, Tony Tutrone, added: “The investment team from Cartesian Re brings to our clients an established track record from unique investments that are not correlated with traditional asset classes. Peter and his team started with a concept and have built a world-class organization and we look forward to working together.”
