Neuberger hires CFO

The US asset manager has appointed former Citigroup finance head Bill Arnold to oversee financial operations for the firm, which began the transition to independence last year after being bought out of bankruptcy by its management.

After a management buyout last year, asset manager Neuberger Berman has hired former Citigroup corporate finance head Bill Arnold as its new chief financial officer.

Arnold will take over from chief operating officer Andrew Komaroff, who had overseen finance functions during the transition, and will report to chairman and chief executive officer George Walker. Neuberger was previously owned by failed banking group Lehman Brothers, and was purchased out of bankruptcy by its management amid competing bids by private equity firms including Bain Capital and Hellman & Friedman.

Arnold has also served as CFO of Citigroup’s global asset management and alternative investment businesses. Before, he spent four years as CFO for Citi Alternative Investments.

The hire comes less than a week after advisory firm Evercore Partners paid an undisclosed sum for the private funds business of Neuberger, which will receive earn-out payments for a period of time as part of the agreement. In January Neuberger also announced that its fund of funds business is reducing the number of relationships it has with managers, retaining only GPs who maintain high levels of performance, governance and transparency. Neuberger added however that it is not cutting its overall commitment to the asset class.