McKinsey Partners with Neuberger Berman for MIO's Growth and Legacy

In a significant move within the investment management landscape, McKinsey & Company has entered into an agreement with Neuberger Berman Group LLC, paving the way for MIO Partners, also known simply as MIO, to integrate with Neuberger. This partnership, informed by a strategic review commenced by McKinsey in early 2025, represents a remarkable step forward for MIO, a wealth management firm that has grown substantially over the last 25 years.

MIO has cultivated a reputation for excellence, managing assets worth approximately $26 billion, of which $20 billion is invested in alternative strategies. This expertise will now be combined with Neuberger's vast capabilities and experience, which are supported by a team of around 3,000 employees operating across 27 countries. The integration, which is anticipated to be finalized in 2026, will hinge on standard closing conditions, including necessary regulatory approvals and client consent.

Bob Sternfels, Global Managing Partner at McKinsey, expressed enthusiasm about the partnership, stating, "For more than 25 years, MIO has delivered distinctive services to McKinsey's partners, colleagues, and alumni. We sought a long-term partner that could expand MIO's strengths, and Neuberger is that partner." Neuberger Berman has established itself as a leader in investment management and holds a reputation for maintaining strong cultural values aligned with those of McKinsey.

The CEO of Neuberger, George Walker, shared similar sentiments, celebrating MIO's accomplishments and expressing honor in being selected as McKinsey's partner. He noted, "Our alignment as private, employee-owned firms places a strong emphasis on serving the long-term interests of our clients. We eagerly welcome the MIO team into the Neuberger family and look forward to a fruitful collaboration in the future."

MIO's leadership, particularly its flagship Special Situations strategy, exemplifies innovative investment tactics that have distinguished it within the industry. This particular strategy utilizes a multi-strategy investment approach aimed at navigating various market climates. With Neuberger’s robust investment platform at its disposal, MIO is poised to expand its already impressive array of investment strategies, enhancing services provided to its clients, who include McKinsey partners and alumni.

Basil Williams, CEO of MIO, remarked on the deal's importance, framing it as a validation of MIO's extensive efforts and achievements. He noted that with Neuberger's comprehensive resources, MIO could amplify its financial advisory offerings further, promising an enriched experience for its clients in both existing and future capacities.

MIO's journey from a dedicated wealth management firm serving McKinsey affiliates to becoming part of Neuberger marks a pivotal chapter in its history. The institution is not only dedicated to managing investments but is also keen on preserving its core values of ethics and client-centric service.

As the integration progresses, industry experts anticipate that MIO's transition into Neuberger will foster a dynamic environment benefiting from collaborative investment culture. Kevin Clancy, co-CIO of MIO and head of the Special Situations strategy, articulated optimism about leveraging Neuberger's infrastructure to promote cutting-edge investment strategies.

Supporting this extensive agreement are collaborative efforts from Ardea Partners, which assisted McKinsey during this evaluation phase, alongside Simpson Thacher & Bartlett providing legal counsel. Meanwhile, Neuberger benefited from the expert legal guidance of Skadden, Arps, Slate, Meagher & Flom LLP.

In conclusion, the alliance between McKinsey, Neuberger, and MIO signals an exciting evolution in the wealth management sector. With triumphs acknowledged and future opportunities at the forefront, this partnership holds promise for both organizations and their clients, ushering in a new era of investment strategies that prioritize integrity and performance.