McKinsey & Company and Neuberger Berman have entered into an agreement for MIO Partners, McKinsey’s in-house investment and wealth manager for partners, employees, and alumni, to join Neuberger. MIO oversees $26 billion in assets under management, including about $20 billion in alternative investment strategies, and has expanded significantly over the last 25 years. McKinsey said the agreement follows a strategic review launched in early 2025 in response to that growth.
Under the agreement, Neuberger will onboard MIO’s investment teams that manage its alternative strategies, along with MIO’s advisory business serving McKinsey partners and related support functions. The firms said MIO’s strategies, including its flagship Special Situations strategy, are expected to complement Neuberger’s broader investment platform across public and private markets and strengthen its ability to advise and serve clients.
Neuberger, an employee-owned investment manager founded in 1939, said it manages $563 billion across equities, fixed income, private equity, real estate, and hedge fund portfolios as of December 31, 2025. MIO is a registered investment adviser and a subsidiary of McKinsey, with affiliated entities regulated in the UK and Germany.
Ardea Partners advised McKinsey on the review and agreement, with Simpson Thacher & Bartlett providing legal counsel to McKinsey. Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Neuberger.
KEY QUOTES
“For more than 25 years, MIO has delivered distinctive services to McKinsey’s partners, colleagues, and alumni. McKinsey set out to find a long-term partner that could build on what makes MIO great. Neuberger is that partner. Their record in both investment and wealth management, and their partnership culture, convinced us that they were the right long-term steward of MIO, and we’re excited to see what the future brings.”
Bob Sternfels, Global Managing Partner, McKinsey & Co.
“We are honored to be selected by McKinsey to be their partner in preserving and protecting MIO’s special capabilities. Neuberger and McKinsey share strong cultural alignment as private, employee-owned firms with a singular focus on serving the long-term interests of clients. I’m delighted to welcome the MIO team and MIO clients to the Neuberger family and look forward to partnering together for the decades ahead.”
George Walker, Chairman And CEO, Neuberger
“This is an exciting moment for MIO, and a validation of all that we have achieved as an organization over the years. We are grateful for our longstanding partnership with McKinsey and will continue to provide our flagship Special Situations strategy and, with the added capabilities that Neuberger brings to the table, even more robust financial advisory services for current and former McKinsey partners. I am confident that MIO and our clients will benefit from Neuberger’s world-class, well-resourced investment platform and private wealth capabilities.”
Basil Williams, Chief Executive Officer, MIO
“We pride ourselves on offering truly distinctive investment strategies to our clients, and we believe we will be well supported in that effort within Neuberger’s collaborative investment culture.”
Kevin Clancy, Co-CIO, MIO And Leader Of The Special Situations Strategy
