Neuberger Berman Trust Company

Transcription

1 TRUSTCOMPANY We offer our trust services to help solve personal and institutional wealth management challenges. Our approach is highly customized, highly personalized, highly collaborative.

2 We are an independent, employee-controlled investment manager in service to our clients. We partner with institutions, advisors and individuals throughout the world to customize solutions that address their needs for income, growth and capital preservation. With more than 1,900 professionals focused exclusively on asset management, we are deeply grounded in original, fundamental research and offer an investment culture of independent thinking. Founded in 1939, Neuberger Berman today provides solutions across equities, fixed income and alternative investments. Through Neuberger Berman Trust Company, advisors and their clients access full fiduciary services that leverage the investment strength of Neuberger Berman, in addition to a complementary platform of unaffiliated investment managers.

3 The Importance of Choosing the Right Trust Company Trust companies perform a wide range of services. For individuals and families, Neuberger Berman Trust Company can help review, construct or execute a gift or estate plan, as well as provide asset management advice and solutions. For mid-sized foundations, endowments and pension plans, we can act as an investment fiduciary, providing comprehensive investment management services and potentially reducing fiduciary liability associated with the role of a board member or business owner. Operating since 1994, our strengths establish us as a unique presence in the industry. Investment Focus As part of a private, employee-controlled asset management firm, we draw on Neuberger Berman s asset allocation and manager selection acumen as well as the insights of the firm s Asset Allocation Committee, a group of senior investment professionals who issue long-term and tactical portfolio positioning recommendations. We implement solutions through Neuberger Berman s robust lineup of passionate, independent portfolio managers as well as a carefully researched selection of unaffiliated investment options. Experienced Professionals Our experienced senior trust professionals have implemented solutions to address a broad range of fiduciary needs and can develop customized investment solutions for each client s situation. Right-Sized for Flexibility and Client Service We are large enough to offer a full range of fiduciary services, yet small enough to be agile and responsive, and offer the flexibility to customize our services to each client s needs. Clients receive personalized attention from our trust professionals, who foster strong partnerships with them and their advisors throughout the relationship. Our goal is to create enduring relationships and nurture them across generations. Through the Trust Company, we work closely with clients and their advisors and truly address personal and institutional planning and succession needs. George H. Walker Chairman and Chief Executive Officer, Neuberger Berman On the cover: Matthew L. Rubin, Senior Vice President, Head of Investment Strategy, Neuberger Berman/Chief Investment Officer, Neuberger Berman Trust Company; Denise Kiang.

4 Personal Trust Services Individual Investment Management Neuberger Berman Trust Company s comprehensive investment platform delivers a wide range of asset management solutions to discerning clients. Leveraging the expertise of Neuberger Berman s Asset Allocation Committee and Investment Strategy Group, Neuberger Berman Trust Company offers strategic and tactical asset allocation and manager selection advice across a comprehensive platform of proprietary and unaffiliated investment strategies, including equities, fixed income and alternatives. The firm s heritage is deeply entwined with the delivery of investment solutions in a trust setting for individuals, families, their charitable organizations and other entities. Choosing a Location for Your Trust Part of the process of establishing a trust is choosing a state for the trust s location. Neuberger Berman Trust Company offers services nationwide, and is able to provide access to the favorable trust laws of the state of Delaware. Benefits of locating a trust in Delaware include: Income tax savings: No state income tax on accumulated income or capital gains, providing tax-advantaged growth of trust assets Division of a trustee s duties: Allows grantors to choose specific functions and responsibilities for different trustees Unlimited duration: Trusts may exist in perpetuity Protection from creditors: Assets in an asset protection trust, which can be created for the benefit of the trust grantor, can be shielded from some creditor claims Privacy: Trusts are not subject to public disclosure requirements, offering privacy to grantors and beneficiaries Gift and Estate Tax Planning We can work with you wherever you are in the estate planning process, whether you are just getting started or already have an established plan that needs a review. In each case, our first step is to gain a comprehensive understanding of your situation, including current and anticipated spending needs, intergenerational wealth transfer and charitable intentions, and interfamily relationships. This enables us to recommend strategies and specific structures, such as trusts, to help you achieve your goals. Our recommendations balance tax sensitivity, risk tolerance, flexibility and family issues in a way that s designed to help address your current and future concerns and changing circumstances. Our experienced professionals walk you through each step of the process, answering questions about what can be complex planning structures, in order to help you feel comfortable and knowledgeable about your plan. Throughout the relationship we coordinate with your attorneys and advisors to keep all concerned parties informed and working together. Trust Services Trusts can be an effective tool to help you securely and efficiently transfer wealth. As trustee, we can administer your trusts, implementing your goals and objectives throughout the trust term. The trustee role includes balancing the potentially competing interests of current and future beneficiaries while adhering to the intent of the trust creator, and developing, implementing

5 and monitoring prudent asset allocation strategies. Additionally, we handle all administrative responsibilities, including maintaining detailed, accurate records of trust assets and transactions, making discretionary decisions, implementing tax planning strategies, making distributions, and preparing and filing tax returns. Estate Services As your executor (known in some jurisdictions as personal representative), we carry out your testamentary wishes and facilitate the proper administration of your estate a role which can endure for several years. This important role includes the management of estate assets from collecting, inventorying, protecting and securing assets after a client s death, to developing and implementing an investment plan and paying bequests, debts, expenses and taxes. With your other advisors, we also handle all aspects of tax compliance, valuing the estate, and preparing and filing an estate tax return that includes elections to help minimize taxes. Should there be a tax audit, we will join your outside advisors to represent the estate. Finally, we handle all accounting and distribution responsibilities for the estate. Flexible Service Level Our boutique size and relationship focus enable us to tailor our service level to the needs of each client. You may prefer a full solution in which we act as a sole trustee or executor, handling all responsibilities associated with trust or estate management. This option offers peace of mind to clients who may not wish to burden a friend or family member with the responsibilities or liability associated with a personal trustee or executor role. Additionally, we can act as a co-trustee or co-executor alongside an individual, such as a friend or family member. In this case, we provide investment and administration expertise that complements an individual co-trustee or executor s personal knowledge of you and your beneficiaries, and can impartially manage the difficult decisions that might put a friend or family member in an uncomfortable position. As co-trustee or executor, we also provide continuity of management for longer-duration trusts, such as multi-generational trusts that take many years to administer, where longevity of an individual trustee may be an issue. Able to operate in all 50 states, we can also provide access to the favorable trust laws of the state of Delaware.

6 Institutional Services If you are a foundation or endowment board member, business owner or senior executive, you may find yourself in a position of responsibility for the management of assets in these entities. It is a role that requires investment expertise and comes with significant fiduciary responsibility. Due to the relatively small size of the assets, however, it may not always make sense for these entities to hire an in-house, full-time investment team. We work with mid-sized foundations, endowments, pension plans and other institutions, helping to optimize investment performance and mitigate fiduciary risk by providing solutions to many of the common market, asset allocation, plan administration and regulatory challenges they face. Without hiring a dedicated, in-house staff, CIO outsourcing offers the benefits of a customized portfolio that is aligned with your entity s cash flows and funded status, a flexible structure that is responsive to market changes and the ability to leverage the strengths of an organization like Neuberger Berman, which is focused exclusively on investing. Providing Solutions for a Broad Range of Entities Endowments Foundations Defined Benefit Plans Health & Welfare Plans VEBAs Financial Institutions Public Funds Non-Qualified Plans Rabbi Trusts Health Care Organization Operating Funds OPEB Plans Employer Directed Defined Contribution Plans Fiduciary and Administrative Services Our size and strong relationship focus enable us to scale our services to work with clients in the capacity that best suits their needs. We offer outsourced chief investment officer services (facing page), directed trustee services, collective investment trusts, investment management and custody services. Directed Trustee Services: Operating as a directed trustee, we provide administrative and benefit payment services for an entity such as a pension plan, while the plan sponsor retains discretion over the investment policy and asset allocation. Collective Investment Trusts: These pooled investment vehicles are enjoying a resurgence as an investment option within the retirement plan market. We create and administer these trusts, and manage the investment assets. Investment Management: We work with entities to manage a single investment strategy, an entire asset class or create a customized solution that addresses a specific strategic need. Custody Services: We provide entities with custody, securities clearance, income collection and reporting.

7 Spotlight: Outsourced Chief Investment Officer (CIO) For entities requiring a full investment solution but may not need a full-time CIO, Neuberger Berman Trust Company can assume fiduciary responsibility for the investment policy, asset allocation, manager selection and ongoing investment oversight. In this role, we leverage our core competencies in asset allocation and manager selection. We design and implement a customized investment policy statement that draws on Neuberger Berman and a complementary architecture platform of traditional and alternative solutions delivered through a variety of investment vehicles. We assume fiduciary responsibility for the assets, helping board and investment committee members fulfill their investment oversight responsibilities and mitigate some of the fiduciary liability risks associated with ERISA and other fiduciary standards. This turnkey approach to investment oversight is becoming more common in the industry amid staffing and budget constraints, new legal requirements and heightened concerns about fiduciary liability. In addition to mitigating your personal fiduciary risks, this approach can help reduce costs by leveraging Neuberger Berman Trust Company s scale and expertise. Benefits of Outsourced CIO Leverages provider s core competencies, including asset allocation and manager selection expertise, high-quality investment options, deep industry knowledge and resources Offers potential cost savings compared with hiring an in-house investment management team Helps mitigate fiduciary liability risk Creates opportunity to consolidate assets on a single platform, potentially lowering costs and increasing risk oversight Avoids investment strategy disruptions that can occur with board changes Before Outsourced CIO After Outsourced CIO Investment Policy Statement Investment Policy Statement BOARD OR INVESTMENT COMMITTEE Risk Management BOARD Risk Management Strategic Asset Allocation INVESTMENT COMMITTEE Strategic Asset Allocation Investment Manager Due Diligence and Selection INVESTMENT MANAGER Investment Manager Due Diligence and Selection CIO OUTSOURCER INVESTMENT MANAGERS Tactical Asset Management CONSULTANT Tactical Asset Allocation Performance Reporting and Analysis CUSTODIAN Performance Reporting and Analysis Security Selection Security Selection The traditional governance model can lack clear definition of roles and responsibilities, creating multiple operating redundancies and inefficiencies. By taking responsibility for and directing all investment activities, an outsourced CIO helps create a more efficient and intuitive governance model.

8 Specialized Investing for Trust, Estate and Institutional Assets Neuberger Berman Trust Company employs its own committee of experienced trust and investment professionals, in tandem with the firm s investment professionals, to create and oversee client portfolios. As a closely knit, investment-focused firm, we adhere to a smooth, integrated process to develop solutions for trust clients. 1 Neuberger Berman Asset Allocation Committee A group of Neuberger Berman s most experienced analysts, strategists and portfolio managers meets regularly to review market and economic indicators and make long-term and tactical asset allocation recommendations. 2 Neuberger Berman Investment Strategy Group A team of highly qualified investment professionals, with a specific focus on high net worth clients and institutions, partners with the Asset Allocation Committee and Neuberger Berman Trust Company to turn recommendations into specific asset allocation guidelines and tactical themes. The team is also responsible for regularly evaluating and reporting on Neuberger Berman portfolio managers. 3 NBTC Investment Committee The Committee maintains oversight for the asset allocation process and implementation, monitoring and rebalancing of portfolios for fiduciary clients, helping to ensure estate planning and fiduciary needs are met within the investment strategy. This team also reviews and approves specific investment managers and products for inclusion in fiduciary accounts. 4 Customized Solutions for NBTC Clients The result of this multi-level investment process is a customized solution that considers investment manager suitability, time horizon, income and capital gains tax analysis, client s tax plan, pension plan funded status, endowment/foundation spending policies and other issues within the context of a client s overall fiduciary situation.

9 A Comprehensive Investment Platform Through Neuberger Berman, we provide access to a wide range of traditional and alternative investment strategies. Additionally, we offer additional niche investment solutions through a small, carefully screened platform of unaffiliated portfolio managers and products, which complement Neuberger Berman s solutions. You can take comfort in knowing that, as a fiduciary, we will select and recommend what we believe is the ideal solution for each situation. Neuberger Berman s Investment Program You receive access to a broad range of equity, fixed income and alternative investments from more than 40 portfolio management teams with established, long-term track records. Neuberger Berman s separate account structure and independent investment culture allow for and encourages transparency of holdings and innovative, customized investment solutions. Platform of Unaffiliated Investment Managers We offer a robust platform of independent investment managers in core and niche strategies. Before receiving admission to the platform, managers must undergo a thorough due diligence screening designed to uncover consistent, repeatable investment processes, strong investment teams and attractive long-term performance. Mutual Funds and ETFs Depending on your circumstances, we may incorporate Neuberger Berman and external mutual funds and ETFs into the investment mix, particularly to fill satellite asset class allocations or for near-term tactical overlays to a long-term strategy. ETFs, in particular, offer low-cost investment solutions for fee-sensitive clients.

10 Experienced Professionals Diane E. Lederman President and Chief Executive Officer, Board Member, Neuberger Berman Trust Company N.A. Chief Executive Officer, Board Member, Neuberger Berman Trust Company of Delaware N.A. Diane E. Lederman, Managing Director, joined the firm in Previously she was senior counsel at Proskauer Rose LLP, a large international law firm. Diane began her career as a senior law assistant to a Surrogate s Court judge. She holds a BS from New York University Stern School of Business and a JD from Hofstra University School of Law. Edward L. Berman Head of Institutional Fiduciary Services, Neuberger Berman Trust Company N.A. Edward L. Berman, Senior Vice President, joined the firm in Prior to joining the firm, Ed spent over 14 years at JP Morgan Chase, where he was responsible for a team of relationship and client service professionals servicing institutional pension, public fund and endowment and foundation clients with assets in excess of $250 billion. Ed received a BS from the University at Buffalo and an MS (MBA) from the Tepper School of Business at Carnegie Mellon University. Joseph F. Collins, III Chief Fiduciary Officer Personal Trust, Neuberger Berman Trust Company N.A. Joseph F. Collins, III, Senior Vice President, joined the firm in He is currently Chief Fiduciary Officer Personal Trust of Neuberger Berman Trust Company N.A. Previously, Joe managed the trust department at Republic National Bank of New York. He began his career more than 35 years ago at Manufacturers Hanover Trust Company. Joe holds a BS from Fairfield University. David L. Herrmann President, Neuberger Berman Trust Company of Delaware N.A. David L. Herrmann, Senior Vice President, joined the firm in Previously, Dave was a partner in the Trusts and Estates department of the law firm Archer & Greiner, P.C. Dave received a BS from Rider College, and earned a JD from Widener University School of Law. He also holds an LLM in Taxation from Villanova University. Matthew L. Rubin Chief Investment Officer, Neuberger Berman Trust Company N.A./Neuberger Berman Trust Company of Delaware N.A. Matthew L. Rubin, Senior Vice President, joined the firm in He is responsible for advising clients on strategic and tactical asset allocations and portfolio implementation. Previously, Matt was an investment specialist and vice president at U.S. Trust Company advising ultra-high-net-worth clients. Prior to U.S. Trust, Matt was an executive vice president at a multibillion dollar family office. He holds a BA from the State University of New York at Stony Brook.

11 Experienced, Flexible, Investment-Focused Neuberger Berman Trust Company solves complex problems. We are committed to partnering with clients and their advisors to address their most pressing fiduciary and investment needs. Please contact your Neuberger Berman representative to learn more about working with the Trust Company. We look forward to the responsibility of serving you. Neuberger Berman Since 1939, partnering with clients to solve their investment needs Original, fundamental research Bottom-up security analysis and portfolio construction Disciplined, high-integrity provider to individuals, families, charities and institutions Headquartered in New York, serving clients nationally and globally NEUBERGER BERMAN TRUST COMPANY Comprehensive fiduciary services that leverage the investment strength of Neuberger Berman and unaffiliated managers Expertise integrating clients fiduciary needs with investment solutions Experienced, responsive professionals partner with clients existing team of advisors Flexibility to customize our service level to each client s needs Disclosures This material is presented solely for informational purposes and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation or solicitation to buy, sell or hold a security. All information is current as of the date of this material and is subject to change without notice. Before acting on any information furnished in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek legal, tax or other professional advice. Certain products and services may not be available in all jurisdictions or to all client types. Investments in hedge funds and private equity are speculative and involve a higher degree of risk than more traditional investments. Investments in hedge funds and private equity are intended for sophisticated investors only. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future results. Outsourced CIO, tax planning, and trust and estate administration services are offered by Neuberger Berman Trust Company. Neuberger Berman Trust Company is a trade name used by Neuberger Berman Trust Company N.A. and Neuberger Berman Trust Company of Delaware N.A., which are affiliates of Neuberger Berman Group LLC. Affiliated investment products and services are available through the various investment advisors that are subsidiaries of Neuberger Berman Group LLC. Neuberger Berman LLC is a Registered Investment Advisor and Broker-Dealer. Member FINRA/SIPC. Alternatives and fixed income products and services are generally offered through affiliates of Neuberger Berman LLC. Firm history dates back to the 1939 founding of Neuberger & Berman (the predecessor to Neuberger Berman LLC). The Neuberger Berman name and logo are registered service marks of Neuberger Berman Group LLC Neuberger Berman LLC. All rights reserved.

12 GLOBAL HEADQUARTERS NEW YORK, NEW YORK PRIMARY OFFICES BOSTON, MASSACHUSETTS BUENOS AIRES, ARGENTINA REGIONAL HEADQUARTERS HONG KONG, CHINA LONDON, UNITED KINGDOM TOKYO, JAPAN ADDITIONAL PRIMARY PORTFOLIO MANAGEMENT CENTERS ATLANTA, GEORGIA CHICAGO, ILLINOIS DALLAS, TEXAS THE HAGUE, NETHERLANDS SINGAPORE DUBAI, UNITED ARAB EMIRATES FRANKFURT, GERMANY HOUSTON, TEXAS LOS ANGELES, CALIFORNIA MELBOURNE, AUSTRALIA MILAN, ITALY PALM BEACH, FLORIDA SAN FRANCISCO, CALIFORNIA SEOUL, SOUTH KOREA SHANGHAI, CHINA TAIPEI, TAIWAN TAMPA, FLORIDA TORONTO, CANADA WILMINGTON, DELAWARE ZURICH, SWITZERLAND Partnering With Clients For Over 70 Years Neuberger Berman LLC 605 Third Avenue New York, NY M / Neuberger Berman LLC. All rights reserved.