Net Zero Asset Managers Initiative Statement

Neuberger Berman Asset Management Ireland Limited (“NBAMIL”), Neuberger Berman's principal investment management and distribution entity operating in the European Economic Area, is a signatory to the Net Zero Asset Managers (NZAM) initiative. NBAMIL is the adviser to many of our clients and co-mingled funds, including our UCITS and QIAF funds, some of which have their own net-zero commitments. 

In 2025, NZAM undertook a review and published a revised Commitment Statement that brings greater focus on the fiduciary duty of individual asset managers. The Commitment Statement is clear that signatories will act consistent with their fiduciary duties and, where applicable, client mandates, fund investment objectives and other legal obligations. These principles are consistent with the expectations many of our asset owner clients have expressed, including their view that managing climate-related financial risks in pursuit of pecuniary goals is an important component of fiduciary duty. 

After reviewing the revised Commitment Statement, we are clarifying that our participation in NZAM is limited to NBAMIL, as a result Neuberger Berman Group will no longer be listed as a signatory. Our ability to serve clients and pursue their investment objectives has always been our primary focus, and the politicization of climate-related topics has subjected many asset managers, including Neuberger, to legal inquiries from various public officials. 

For the avoidance of doubt, we are confident that NBAMIL being a signatory to NZAM is consistent with our fiduciary duty to clients and complies with applicable law.