Neuberger Berman Group acquires MIO Partners, McKinsey & Company’s asset and wealth manager for current and former employees. The deal, subject to closing conditions, adds $26 billion in AUM, including $20 billion in alternative investment strategies, to Neuberger Berman’s $563 billion in assets.

MIO, originally formed in the 1980s to support McKinsey’s employee retirement plan, now manages retirement and after-tax investments for about 30,000 current and former McKinsey staffers. The strategic review launched in early 2025 by McKinsey led to the agreement with Neuberger Berman.

After the completion of the deal, Neuberger will onboard MIO’s investment teams managing alternative investment strategies, its advisory business for McKinsey partners, and other supporting functions. Neuberger and McKinsey both emphasize private, employee-owned firms dedicated to serving clients’ long-term interests.

Neuberger has a history of activity in the wealth management sector, including acquiring a minority stake in RIA Mariner in October 2024. Ardea Partners advised McKinsey on the MIO transaction, with Simpson Thacher & Bartlett and Skadden, Arps, Slate, Meagher & Flom providing legal counsel to the respective parties.

Read more at Yahoo Finance: Neuberger Berman Agrees to Buy $26B In-house Investment Unit from McKinsey