Dechert has provided legal counsel to Neuberger Berman on certain ERISA-related matters connected to the company’s planned acquisition of McKinsey & Company’s internal investment management arm, MIO. The deal is valued at $26 billion.
MIO manages assets for McKinsey’s partners, employees, and alumni, with a total of $26 billion in assets under management. Of this amount, about $20 billion is allocated to alternative investment strategies. The decision to sell MIO comes after McKinsey conducted a strategic review in early 2025 due to the significant growth and expansion of MIO over the past 25 years.
As part of the agreement, Neuberger Berman will integrate MIO’s teams responsible for alternative investments and its advisory business that serves McKinsey partners. Supporting functions associated with these teams will also be onboarded. The transaction is expected to close in 2026 pending customary closing conditions such as client consent and regulatory approvals.
Neuberger Berman was established in 1939 and operates as an employee-owned, private, independent investment manager.
McKinsey & Company describes itself as a global management consulting firm focused on helping organizations achieve sustainable and inclusive growth.
The Dechert team advising Neuberger Berman included employee benefits partners Steven W. Rabitz and John W. Schuch, along with associate Brie Michaelson.
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