Joseph V. Amato
Chief Executive Officer and President at Neuberger Next Generation Connectivity Fund
CEO
Executive
Board
About Joseph V. Amato
Joseph V. Amato (born 1962) is an “interested” Director and the Chief Executive Officer and President of Neuberger Berman Next Generation Connectivity Fund Inc. (NBXG). He has served as CEO/President of NBXG since 2021 and as a Director since 2021; he is also Neuberger Berman’s Chief Investment Officer for equities and holds multiple senior leadership roles across affiliated entities . Prior to Neuberger Berman, he held senior roles at Lehman Brothers from 2003–2009, including Global Head of Equity Sales and membership on the Investment Management Division’s Executive Committee .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Neuberger Berman Group LLC | President and Director | Since 2009 | Senior leadership and governance for the firm’s parent entity . |
| Neuberger Berman BD LLC; Neuberger Berman Holdings LLC (incl. predecessor) | President and Chief Executive Officer | Since 2007 | Oversight of broker-dealer/holding company operations . |
| Neuberger Berman Investment Advisers LLC (NBIA) | Chief Investment Officer (Equities) and President (Equities); Board Member of NBIA | Since 2007 (CIO/President); Board Member since 2006 | Leads equity investment platform and sits on NBIA’s board . |
| Lehman Brothers Inc./Holdings | Global Head of Equity Sales; Chief Recruiting & Development Officer; Managing Director; Executive Mgmt Committee (IM Division) | 2003–2009 | Senior revenue/leadership roles; executive committee member for Investment Management division . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Georgetown University, McDonough School of Business | Member, Board of Advisors | Since 2001 . |
| Georgetown University | Member, Board of Regents | Since 2013 . |
| Teach for America (NYC) | Member, New York City Board of Advisors | Since 2005 . |
| Montclair Kimberley Academy | Trustee | Since 2007 . |
Fixed Compensation
- Officers and directors who are employees of Neuberger Berman Investment Advisers LLC (NBIA) receive no compensation from NBXG; Amato’s compensation from the Fund is $0 .
| Metric | FY 2022 | FY 2024 |
|---|---|---|
| Aggregate compensation from NBXG (Amato) | $0 | $0 |
| Total compensation from Neuberger Berman registered investment companies (calendar year) | $0 | $0 |
Context: Effective Jan 1, 2024, Independent Directors (not employees of NBIA) receive a $200,000 annual retainer plus $17,500 per regular meeting; committee chairs receive $25,000 ($35,000 for Contract Review Chair) and the Independent Board Chair receives an additional $90,000 .
Performance Compensation
- No Fund-level bonus, equity, options, or performance incentive disclosure applies to Amato at NBXG; as an NBIA employee, he is not compensated by NBXG and no Fund-linked performance metrics or vesting schedules are disclosed for him .
Equity Ownership & Alignment
| Metric | As of Jul 25, 2022 | As of Jul 31, 2023 | As of May 31, 2025 |
|---|---|---|---|
| NBXG beneficial ownership (Dollar range) | None | None | None |
- Directors and officers, in aggregate, owned less than 1% of each class of the Fund’s outstanding stock as of both 2023 and 2025; the principal executive officer and principal financial officer own no Fund shares .
Implications:
- Zero NBXG ownership by Amato reduces direct stock-alignment and removes near-term insider selling pressure from vesting or option exercises .
Employment Terms
- Capacity and independence: Amato is an “interested person” of NBXG due to his officer roles at NBIA and affiliates; no employment contract, severance, CIC economics, or clawback terms are disclosed at the Fund level for Amato (Fund officers are employed by NBIA) .
Board Governance
- Roles and tenure: Director of NBXG since 2021; Chief Executive Officer and President of NBXG since 2021 .
- Classification: Interested Director (due to NBIA affiliations) .
- Committee roles: Vice Chair of the Executive Committee; each Fund Director (including Amato) is a member of the Investment Performance Committee (Amato is the only non-Independent Director on that committee) .
- Board leadership and independence: The Board is chaired by Independent Director Tom D. Seip; Independent Directors meet without management and are supported by independent counsel .
- Committees and chairs (select): Audit (Chair Cosgrove); Closed-End Funds (Chair Gary); Contract Review (Chair McLean); Ethics & Compliance (Chair Kaplan); Governance & Nominating (Chair Goss); Investment Performance (Chair Knetter) .
- Attendance: Each Director attended at least 75% of Board and committee meetings in FY 2024; the Board met four times .
Compensation Structure Analysis
- Fund-level compensation does not apply to Amato (NBIA employee); NBXG discloses no salary, bonus targets, equity awards, vesting schedules, severance, CIC triggers, tax gross-ups, or clawbacks for him at the Fund .
- The Board does not maintain a standing compensation committee; independent director pay is handled via the Governance & Nominating Committee .
Risk Indicators & Red Flags
- Dual role and independence: Amato’s status as an interested Director and as CEO/President concentrates leadership influence; mitigants include an Independent Chair and fully independent oversight committees .
- Ownership alignment: Amato reports no NBXG share ownership across 2022–2025, limiting direct stock-based alignment .
- Shareholder activism context: Sizable holders such as Saba Capital owned 9.69% of NBXG as of March 7, 2025, suggesting potential for governance pressure and secondary market discount-mitigation initiatives .
Expertise & Qualifications
- Long-tenured asset management executive (President/Director of Neuberger Berman Group LLC since 2009; CIO Equities at NBIA since 2007) with prior sell-side leadership at Lehman Brothers; service on academic and non-profit boards, including Georgetown University .
Investment Implications
- Alignment: No Fund-level compensation and no NBXG share ownership by Amato reduce direct pay-for-performance linkage and “skin in the game,” neutralizing insider-driven trading signals but limiting alignment incentives .
- Governance: Independence concerns from an interested Director/CEO are mitigated by an Independent Chair, independent committees, and strong committee architecture; attendance and meeting cadence appear robust .
- Activism sensitivity: The presence of large shareholders (e.g., Saba) increases the likelihood of governance or capital-allocation actions; Amato, as CEO/President and Executive Committee Vice Chair, will be central to responses that can affect discount and distribution policy .