Core Insights - The chairman and CEO of Neuberger Berman, George H. Walker, emphasizes the firm's ongoing high allocation to China, indicating that significant foreign investment in China will take time to materialize [1][9] - Walker notes the importance of diversification and maintaining investments in a complex macroeconomic environment, suggesting that global economic growth may be below expectations [1][11] Company Overview - Neuberger Berman, founded in 1939, manages assets totaling $558 billion, approximately 3.97 trillion RMB, and operates in 26 countries and 39 cities [2] - The firm has a strong presence in both public and private markets, with $358 billion in public market assets and $150 billion in private market assets as of the end of 2024 [2] Investment Strategy - Walker highlights the growing trend of active management firms entering the ETF space, with Neuberger Berman's active ETF business growing to approximately $2.5 billion [5] - The firm focuses on providing unique value in areas where it can compete effectively, particularly in active ETFs, which are expected to grow significantly [4][6] Market Trends - The demand for transparency and tax efficiency is driving the growth of active ETFs, with U.S. investors increasingly favoring these products over traditional mutual funds [5][6] - Active ETFs are currently experiencing growth rates that exceed those of passive ETFs, indicating their potential in the market [6] Risk Management - Walker stresses the importance of proactive decision-making to navigate potential crises, drawing from experiences during the 2008 financial crisis [3] - The firm aims to align its compensation structure with client interests, ensuring that deferred compensation is tied to client performance rather than company stock prices [7] Global Perspective - Neuberger Berman has maintained an overweight position in Chinese assets, reflecting a positive outlook despite the need for time before significant foreign investment increases [9] - The firm acknowledges the challenges posed by high valuations in U.S. tech stocks, suggesting that the focus should be on investment strategies rather than outright investment decisions [10]

Core Viewpoint - The chairman and CEO of Neuberger Berman, George H. Walker, emphasizes the firm's ongoing high allocation to China, suggesting that significant increases in foreign investment in China will take time [2][16]. Group 1: Company Overview - Neuberger Berman, founded in 1939, manages assets totaling $558 billion, approximately 3.97 trillion RMB, and operates in 26 countries and 39 cities [3]. - The firm has a strong presence in both public and private markets, with $358 billion in public market assets and $150 billion in private market assets as of the end of 2024 [3]. - Neuberger Berman leads in the Qualified Domestic Limited Partner (QDLP) business in mainland China [3]. Group 2: Investment Strategy and Market Outlook - Walker believes that the global economic growth may fall below expectations, and investors should focus on maintaining diversified portfolios [2]. - The rise of global ETFs is noted, with active management firms increasingly entering this space, which is expected to continue [8]. - The firm has seen its active ETF business grow from a small base to approximately $2.5 billion, driven by new client inflows [9]. Group 3: Active vs. Passive Management - Active ETFs are experiencing growth at a rate that surpasses passive ETFs, indicating significant potential for active management products [11]. - The firm acknowledges that while the popularity of passive investment may increase if the market remains concentrated in a few stocks, active management will thrive in a diversified market [11]. Group 4: Client Concerns and Risk Management - Chinese clients are particularly focused on risk control capabilities and the volatility of their portfolios [15]. - Walker highlights the importance of maintaining discipline in investment strategies, especially during market downturns, to avoid the pitfalls of market timing [19].

George H. Walker ：那段时期非常艰难。关于学到的经验，我可以讲很久，但最关键的一点是：决定危机走向的，是危机 爆发前所做的决策。因此，在危机到来之前，我们必须警醒，既关注眼前风险，也警惕系统性风险，并确保拥有必要的工 具、规范的运营以及合宜的产品结构，以便在剧烈动荡来临时仍可保持稳健。 （记者注：2003年10月31日，雷曼兄弟以26.3亿美元收购路博迈，路博迈随后从纽约证券交易所退市，成为雷曼兄弟的投 资管理部门。2008年9月15日，雷曼兄弟申请破产。路博迈继续正常运营，并寻求从母公司中分拆的机会。最终管理层击败 参与竞争的私募股权机构。2009年5月，路博迈完成分拆，成为独立公司。这笔交易被Fund Industry Intelligence评为"年度 最佳交易"。2009年，Neuberger Berman Group LLC成为一家私人、独立且由员工控股的投资管理公司。） 中国基金报：当时，你如何管理压力？ 【导读】四万亿美国资产管理巨头：一直高配中国 美国资产管理机构路博迈董事长兼总经理George H. Walker日前接受本报独家专访时表示，相较于参照基准，过去一段时间 以来， ...

George H. Walker认为，全球经济增长或将低于预期，宏观环境复杂性仍在持续。对投资者而言，保持 投资、在深思熟虑后进行多元化配置至关重要。 路博迈总部位于纽约，成立于1939年，由Roy Neuberger和Robert Berman创立。截至目前，其管理资产 规模达5580亿美元，约合人民币3.97万亿元，在全球26个国家、39个城市开展业务。根据公司年报，截 至2024年底，其公开市场资产规模为3580亿美元，非公开市场资产规模为1500亿美元，是业内较少见的 非公开市场业务和公开市场业务均强劲的基金公司。路博迈在中国内地开展公募基金和合格境内有限合 伙（QDLP）业务，其中QDLP规模在行业中处于领先地位。 【导读】四万亿美国资产管理巨头：一直高配中国 美国资产管理机构路博迈董事长兼总经理George H. Walker日前接受本报独家专访时表示，相较于参照 基准，过去一段时间以来，路博迈一直对中国高配。他认为，海外资金要实现对中国的大规模增配仍需 时间。George H. Walker指出，全球市场ETF蓬勃发展，主动管理机构纷纷入局，这一趋势将持续。他 认为，尽管美国科技股估值正变得昂贵 ...