Brian Kerrane
About Brian Kerrane
Brian Kerrane (born 1969) serves as Chief Operating Officer, Mutual Funds, and Managing Director at Neuberger Berman Investment Advisers LLC (NBIA) since 2015, and as Vice President of NBXG since its inception in 2021; he has been employed by Neuberger Berman since 1991 and was Managing Director since 2013 and Senior Vice President from 2006 to 2014 . He acts as Chief Operating Officer for ten registered investment companies and Vice President for twenty‑eight registered investment companies within the NBIA complex . The proxy does not attribute fund TSR or operating metrics (revenue/EBITDA) to officers; NBXG’s investment performance is overseen by portfolio managers (evidenced by portfolio manager Form 3 filings) rather than fund officers .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Neuberger Berman Investment Advisers LLC | Chief Operating Officer, Mutual Funds; Managing Director | 2015–present | COO for ten registered investment companies; oversight of fund operations across NBIA mutual/closed-end funds . |
| Neuberger Berman | Managing Director | 2013–present | Senior leadership within Neuberger Berman; enterprise fund administration alignment . |
| Neuberger Berman | Senior Vice President | 2006–2014 | Senior operational leadership prior to MD appointment . |
| NBIA | Vice President | 2008–2015 | Vice President across NBIA; operational execution . |
| NBXG | Vice President | 2021–present | Fund officer role for NBXG since inception . |
| Neuberger Berman | Employee | 1991–present | Long-tenured operator with institutional knowledge . |
Fixed Compensation
| Component | Source | Amount/Term | Notes |
|---|---|---|---|
| Officer compensation from NBXG | Fund | $0 | Officers who are employees of NBIA (including Kerrane) serve without any compensation from the Funds . |
Officers’ compensation, including base salary/bonus/equity, is paid by NBIA (private) and not disclosed in NBXG’s proxy .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Officers and Directors’ aggregate ownership of NBXG | <1% of outstanding shares | As of May 31, 2025; indicates minimal direct insider ownership at fund level . |
| Principal Executive Officer and Principal Financial Officer NBXG share ownership | 0 shares | PEO and PFO own no Fund shares; underscores low insider ownership model for NB funds . |
| Major NBXG beneficial owners (context) | Saba Capital 9.69%; Morgan Stanley 5.4% | Activist/inst’l holders; indicates external influences on fund governance/liquidity . |
No specific NBXG share holdings, pledging, hedging, options or RSU/PSU awards are disclosed for Kerrane in the proxy; insider Form 3 filings for NBXG officers/directors often report no beneficial ownership .
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Officer appointment/tenure | Officers serve at the pleasure of the Board; hold office until a successor is elected/qualified or earlier death, inability to serve, or resignation | . |
| Titles and start dates | COO, Mutual Funds (2015–present); Managing Director (2013–present); VP, NBIA (2008–2015); VP, NBXG (2021–present); Senior VP (2006–2014); Employee since 1991 | . |
| Contract term length | Not specified in fund proxy (bylaws govern service) | . |
| Severance / Change-of-control | Not disclosed at fund level; officers are NBIA employees, not compensated by the Fund | . |
| Clawback / Non‑compete / Garden leave | Not disclosed in NBXG proxy | . |
Governance Context (Compensation Committee and Controls)
- The Boards do not have a standing compensation committee; Governance and Nominating Committees consider and recommend Independent Director compensation to the Boards .
- Kerrane executes certain fund agreements in his officer capacity (e.g., Joint Fidelity Bond Agreement) evidencing operational authority and control responsibilities .
Investment Implications
- Pay-for-performance alignment at the NBXG fund level is structurally limited for officers: Kerrane receives no compensation from NBXG and has no disclosed NBXG equity ownership, reducing traditional insider trading and selling-pressure signals tied to his role .
- Retention risk appears moderate under fund bylaws (at-will service at Board pleasure), but long tenure (since 1991) and senior leadership (COO since 2015) suggest institutional continuity; severance/change-of-control economics are not disclosed at the fund level because compensation is at NBIA, making assessment of contractual retention levers impossible from NBXG filings .
- Equity alignment at the fund officer level is minimal (<1% aggregate officers/directors), while external holders (e.g., Saba Capital, Morgan Stanley) have meaningful influence on fund governance and potential strategic actions; Kerrane’s role is operational rather than investment decision-making, so portfolio-driven signals (discount narrowing, buybacks/tenders) will reflect Board/PM decisions and shareholder dynamics more than officer incentives .