Now mutual funds are poaching from hedge funds

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Hedged mutual funds growing

A senior portfolio manager at one of largest hedge funds in the world has decamped to Neuberger Berman to help expand the asset manager's growing lineup of alternative mutual funds.

Daniel Geber joined Neuberger in February as a managing director and will be the portfolio manager for the soon-to-launch Neuberger Berman Global Long Short Fund, according to an internal memo announcing the hire.

The new fund, slated to open in May, is the latest in Neuberger's expanding lineup of so-called alternative mutual funds—publicly accessible vehicles that mimic hedge fund strategies.

"This new capability is an important addition to our liquid alternatives platform, which now has approximately $3 billion," the memo said.