Joseph Amato
About Joseph V. Amato
Joseph V. Amato (born 1962) serves as Chief Executive Officer and President of Neuberger Berman High Yield Strategies Fund Inc. (NHS) and the other Neuberger Berman closed-end funds effective July 1, 2018; he has been a Director of NHS since 2009 (also Director of NRO since 2009 and NML since 2013). He is an “interested person” under the Investment Company Act of 1940 by virtue of his officer roles at Neuberger Berman Investment Advisers LLC (NBIA) and affiliates. The proxy does not disclose fund-level TSR or operating metrics tied to his compensation; officers employed by NBIA receive no compensation from the Funds.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Neuberger Berman Group LLC | President and Director | Since 2009 | Senior leadership of the parent entity to NBIA and the fund complex |
| Neuberger Berman BD LLC; Neuberger Berman Holdings LLC (incl. predecessor) | President and Chief Executive Officer | Since 2007 | Executive leadership of affiliated broker-dealer/holding companies |
| NBIA (Equities) | Chief Investment Officer (Equities) and President (Equities); Board Member of NBIA | Since 2007 (Board since 2006) | Oversees equity investment activities and serves on NBIA’s board |
| Lehman Brothers Holdings Inc. (Investment Management Division) | Global Head of Asset Management; Member, Division Executive Management Committee | 2006–2009 | Led asset management operations and served on executive committee |
| Lehman Brothers Inc. | Managing Director | 2006–2008 | Senior leadership within the broker-dealer |
| Lehman Brothers Inc. | Chief Recruiting and Development Officer | 2005–2006 | Led firmwide talent and development initiatives |
| Lehman Brothers Inc. (Equities) | Global Head of Equity Sales; Member, Equities Division Executive Committee | 2003–2005 | Ran global equity sales and served on divisional exec committee |
External Roles
| Organization | Role | Years |
|---|---|---|
| Georgetown University, McDonough School of Business | Member, Board of Advisors | Since 2001 |
| Teach for America (NYC) | Member, New York City Board of Advisors | Since 2005 |
| Montclair Kimberley Academy | Trustee | Since 2007 |
| Georgetown University | Member, Board of Regents | Since 2013 |
Board Governance & Committee Roles
- Board service and independence: Director of NHS since 2009; designated an “interested person” due to his officer roles at NBIA and affiliates. The Boards have an Independent Chair (Tom D. Seip), and committees composed entirely of Independent Directors (e.g., Audit, Closed-End Funds, Contract Review, Ethics and Compliance, Governance and Nominating).
- Committee assignments: Member of the Executive Committee (Vice Chair); member of the Investment Performance Committee (each Fund Director is a member). He is not listed on Audit, Contract Review, Closed-End Funds, Ethics and Compliance, or Governance and Nominating Committees.
- Meeting attendance: In FY 2024, each Fund’s Board met four times and each Director attended at least 75% of Board and relevant committee meetings.
Dual-role implications:
- Mr. Amato’s dual role as CEO/President and Director is mitigated by an Independent Chair, committee structures of Independent Directors, and regular executive sessions. This structure seeks to address potential independence concerns inherent in management-director dual roles.
Fixed Compensation
| Component | Amount | Period | Notes |
|---|---|---|---|
| Fund-level compensation from NHS (and the other Neuberger Berman closed-end funds) | $0 | FY ended Oct 31, 2024 (NHS/NRO); FY ended Nov 30, 2024 (NML) | Officers and Directors who are employees of NBIA or its affiliates serve without compensation from the Funds. |
Independent Director fee schedule (context): Independent Directors receive an annual retainer of $200,000, a $17,500 fee per regularly scheduled meeting attended, committee chair retainers ($25,000; $35,000 for Contract Review Chair), and the Independent Chair receives an additional $90,000; this is not applicable to Mr. Amato, who receives $0 from the Funds.
Performance Compensation
- Not disclosed at the fund level. As an NBIA employee, Mr. Amato’s compensation structure, performance metrics (e.g., TSR, revenue/EBITDA growth, ESG), vesting schedules, severance, and change-of-control terms are not included in NHS’s proxy; the Funds state employees of NBIA do not receive compensation from the Funds.
Equity Ownership & Alignment
| Vehicle | Dollar range owned | As of | Notes |
|---|---|---|---|
| NHS | None | July 31, 2025 | No direct ownership disclosed in NHS |
| NRO | None | July 31, 2025 | No direct ownership disclosed in NRO |
| NML | None | July 31, 2025 | No direct ownership disclosed in NML |
| Aggregate across all registered investment companies overseen in the Neuberger Berman family | Over $100,000 | July 31, 2025 | Indicates broader complex-level exposure vs. fund-specific holdings |
Additional alignment/controls:
- Code of Ethics: The Ethics and Compliance Committee oversees compliance with the Funds’ Code of Ethics, which restricts personal securities transactions, including transactions in Fund shares, by employees, officers, and Directors. No pledging or hedging positions by Mr. Amato are disclosed in the proxy.
Employment Terms
- Contract terms, severance, and change-of-control provisions: Not disclosed in NHS’s proxy for Mr. Amato; as an NBIA employee, such terms would reside with the adviser and are not paid by the Funds.
Investment Implications
- Pay-for-performance linkage at the fund level is weak/not observable because Mr. Amato receives no compensation from the Funds and the proxy includes no fund-specific incentive metrics, vesting schedules, or severance economics for him; assessing alignment requires visibility into NBIA’s private compensation framework.
- Ownership alignment with NHS is limited (no disclosed NHS shares), implying minimal direct insider selling pressure from Mr. Amato in NHS; aggregate holdings “Over $100,000” across the broader NB fund family suggest complex-level exposure rather than NHS-specific alignment.
- Governance mitigants: Independent Chair, committee structure comprised of Independent Directors, and Code of Ethics oversight temper dual-role/independence concerns and provide checks on management influence at the Board level.
- Execution risk/experience: Long-standing leadership roles across Neuberger Berman and prior senior roles at Lehman support operational expertise; however, without Fund-level incentive disclosures, market confidence signals (e.g., PSU/RSU performance curves, TSR targets) cannot be evaluated for NHS specifically.