The Old Neuberger Berman and The New
The Original Neuberger Berman, before it went bankrupt*, was known for high ethical standards. Is the New Neuberger Berman pretending to be the Original Neuberger Berman? Why does the New Neuberger Berman use the slogan “Serious Investing for 75 Years” when, in fact, the New Neuberger Berman is a new company using the original Neuberger Berman’s distinguished name.
Neuberger Berman — Carpetbagger in Florida The Original Neuberger Berman was designated trustee by Lillian Glasser. The New Neuberger Berman, having acquired the Neuberger Berman name, asked Honorable Judge David French in Palm Beach County Florida Probate Court to permanently appoint it as administrator/trustee of Lillian Glasser's will. The unethical actions of the New Neuberger Berman should be deemed unacceptable The presence in Florida, of Wall Street Based Neuberger Berman Trust Company is reminiscent of a Carpetbagger after the Civil War.
The Original Neuberger Berman was a classic symbol of ethical successful investing by the great investor Roy Neuberger. The New Neuberger Berman displays an upscale outer layer with innards worthy of a legitimate Carnival Side Show.
Should you Trust Newberger Berman Trust? I am a beneficiary of a trust administered by the New Neuberger Berman. My mother, Lillian Glasser, had a close trusting relationship with the old Neuberger Berman. The New Neuberger Berman has usurped the vacuum left by the untimely demise of the Original Neuberger Berman. Do you want to take a chance on having your intended beneficiaries find themselves in the position I am in? I should be able to live my life knowing that I can always assess the value of my trust and that it is managed by a fiduciary who seeks to maintain the highest standards. Instead I face an uphill battle with a fiduciary who seems like a parasite. Will your loved ones face what I am facing and if so will they be equipped to deal with a lawyered up Neuberger Berman using your estate’s money to further its aims? Neuberger Berman is furnishing me with statements that are incomplete, substandard and confusing at best. Neuberger Berman has attempted to coerce me into signing a document waiving its fiduciary duties while allowing it to take all manners of kickbacks, beyond its stated fees. This “kickback Policy” document authorizes Neuberger Berman to engage in sophisticated risky financial schemes. Neuberger’s “kickback policy” empowers it to engage a Co-trustee for whose actions Neuberger Berman disclaims responsibility.
Don’t let your legacy of security for your loved ones become a legacy burdened with profiteering and waived fiduciary duty.
*Lehman Brothers acquired the old Neuberger Berman before going bankrupt.