NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND ANNOUNCES RETIREMENTS OF CO-PORTFOLIO MANAGERS RUSS COVODE AND DANIEL DOYLE

Rhea-AI Summary

Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) announced the impending retirements of Co-Portfolio Managers Russ Covode and Daniel Doyle, effective on or about June 30, 2022. Current Co-Portfolio Managers Joseph Lind and Christopher Kocinski, who bring an average of 19 years of experience, will continue managing the Fund. Kocinski will also become Co-Head of U.S. High Yield. The Fund is supported by a seasoned team with extensive industry expertise, ensuring continuity in investment processes.

Positive

• Experienced management team with an average of 19 years in the industry.
• Continuity of investment process and risk management with a well-established team.

Negative

• Retirement of key portfolio managers may introduce uncertainty in investment strategies.
• Market performance could be negatively impacted during the transition period.

NEW YORK, Dec. 15, 2021 /PRNewswire/ -- Neuberger Berman High Yield Strategies Fund Inc. (NYSE American: NHS) (the "Fund") announced today that Russ Covode and Daniel Doyle each plan to retire from the asset management business on or about June 30, 2022 and will cease their portfolio management responsibilities at that time.

Current Co-Portfolio Managers Joseph Lind and Christopher Kocinski, with an average of 19 years of industry experience, will continue to manage the Fund following the retirements of Russ Covode and Daniel Doyle. In addition, effective immediately, Christopher Kocinski will join Joseph Lind as Co-Head of U.S. High Yield at Neuberger Berman. Steve Ruh and Rachel Young, Managing Directors and Co-Directors of Non-Investment Grade Credit Research, who lead a team of 25 research analysts with an average of 13 years of industry experience, will continue to support them. Christopher Miller, Managing Director, will continue to serve as the Director of Capital Markets for the team.

All of those individuals contribute to Neuberger Berman's broader Non-Investment Grade Credit team of portfolio managers, research analysts, portfolio specialists and traders. Other senior leaders on the team include Managing Directors and Portfolio Managers Joe Lynch, Steve Casey, Pim van Schie and Simon Matthews. The team-based approach to portfolio management positions the Non-Investment Grade team to deliver the same continuity of investment process and risk management that has distinguished it for the past two decades.

About Neuberger Berman

Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 25 countries, Neuberger Berman's diverse team has over 2,400 professionals. For seven consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). In 2020, the PRI named Neuberger Berman a Leader, a designation awarded to fewer than 1% of investment firms for excellence in Environmental, Social and Governance (ESG) practices. The PRI also awarded Neuberger Berman an A+ in every eligible category for our approach to ESG integration across asset classes. The firm manages $437 billion in client assets as of September 30, 2021. For more information, please visit our website at www.nb.com.

Certain statements in this press release, such as those related to changes in a portfolio management team, constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of the Fund, or industry results, to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Among other risks and uncertainties are the possibility of differences in the timing or nature of any portfolio manager changes, the adverse effect from a decline in the securities markets or a decline in the Fund's performance, a general downturn in the economy, competition from other closed end investment companies, changes in government policy or regulation, inability of the Fund's investment adviser to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. As a result, no assurance can be given as to future results, levels of activity, performance or achievements, and neither the Fund nor any other person assumes responsibility for the accuracy.

Media Contact: 
Alex Samuelson, (212) 476-5392, Alexander.Samuelson@NB.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/neuberger-berman-high-yield-strategies-fund-announces-retirements-of-co-portfolio-managers-russ-covode-and-daniel-doyle-301445173.html

SOURCE Neuberger Berman

FAQ

What changes are happening at Neuberger Berman High Yield Strategies Fund (NHS)?

Russ Covode and Daniel Doyle will retire from their roles as Co-Portfolio Managers on June 30, 2022.

Who will manage NHS after Covode and Doyle retire?

Joseph Lind and Christopher Kocinski will continue to manage the Fund.

What is the average experience of the fund management team at NHS?

The current Co-Portfolio Managers have an average of 19 years of industry experience.

What impact might the retirements of Covode and Doyle have on NHS?

Their retirements could introduce potential uncertainties in the Fund's investment strategies and performance.