Neuberger Berman Agrees to Buy $26B In-house Investment Unit from McKinsey

Neuberger Berman Group agreement to purchase MIO Partners, McKinsey & Company's asset and wealth manager for current and former employees of the New York City-based consultancy. The deal is subject to closing conditions.

The move for MIO would add $26 billion in AUM, including about $20 billion in alternative investment strategies, to Neuberger Berman’s assets, which were $563 billion as of late 2025. Neuberger Berman, like McKinsey, is a New York City based privately-held, employee-owned firm.

MIO was originally formed in the 1980s to support McKinsey’s employee retirement plan and has since expanded to work with current and former partners and employees. According to its company profile, MIO has about 250 people managing retirement and after-tax investments for about 30,000 current and former McKinsey staffers, including access to alternative investments. 

The agreement comes after a strategic review McKinsey launched in early 2025 that the firm says was “prompted by MIO’s growth and expansion over 25 years.” 

Related:Public Offerings of Private Securities

After the deal is complete, Neuberger will onboard MIO’s investment teams that manage alternative investment strategies, its advisory business serving McKinsey partners, and other supporting functions.

“Neuberger and McKinsey share strong cultural alignment as private, employee-owned firms with a singular focus on serving the long-term interests of clients,” George Walker, chairman and chief executive officer of Neuberger, said in a statement.

Neuberger has been active in the wealth management sector as an investor and stakeholder. In October 2024, its Neuberger Berman Capital Solutions and funds managed by Neuberger Berman Private Markets acquired a minority stake in RIA Mariner. The RIA raised $150 million in equity through the deal, according to a Moody’s Investors Service report at the time.

Ardea Partners advised McKinsey on the MIO transaction with Neuberger Berman, with Simpson Thacher & Bartlett providing legal counsel. Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Neuberger Berman.