The Ownership Edge: How Neuberger Berman Wins the Talent War

NEW YORK, NY – December 08, 2025 – In the fiercely competitive world of money management, where talent is paramount and turnover can be relentless, one firm has achieved a remarkable feat of consistency. Neuberger Berman, a private, employee-owned investment manager, was just named the top firm in its category in Pensions & Investments' 2025 "Best Places to Work in Money Management" survey. This marks the 12th consecutive year the company has placed either first or second among firms with over 1,000 employees.

While industry awards are plentiful, such sustained excellence begs a deeper question: What is the strategic blueprint behind this cultural dynasty? The answer appears to lie not in fleeting perks, but in the very structure of the organization. Neuberger Berman’s success offers a powerful case study in how a deeply ingrained sense of ownership can become a formidable competitive advantage in the 21st-century battle for talent.

A Culture Built on Equity

At the heart of Neuberger Berman's strategy is its private, employee-owned model. This is more than a line item on a corporate fact sheet; it is the engine of its workplace culture. As Heather Zuckerman, Chief of Staff at Neuberger, stated in the announcement, "Private ownership isn't just part of our structure, it's the foundation of a culture built on accountability, collaboration and shared purpose."

Unlike publicly traded competitors beholden to quarterly earnings pressures, an employee-owned structure aligns the long-term interests of the staff with those of their clients and the firm itself. When employees are also owners—with reports indicating that nearly a third of the firm's 2,900 employees hold equity—a powerful psychological shift occurs. The firm's success becomes personal. This fosters a level of accountability and engagement that is difficult to replicate through traditional incentive programs alone.

The tangible results of this model are striking. The firm boasts an investment professional retention rate of 97%, a figure that is exceptionally high in an industry where top performers are constantly poached. This stability is not just an internal HR metric; it is a direct benefit to clients who value consistent management and long-term strategic thinking. In a business built on trust and relationships, a low turnover rate signals a healthy, functioning organization dedicated to sustainable growth over short-term gains. This long-term perspective, nurtured by the ownership model, allows the firm to manage its $558 billion in assets with a steady hand, weathering market volatility with a team that is deeply invested—literally—in its collective future.

Deconstructing the "Best Place to Work" Badge

Of course, it is prudent for any business leader or investor to approach industry accolades with a healthy dose of skepticism. The "Best Places to Work" survey, presented by Pensions & Investments in partnership with Workforce Research Group, is no exception. It is important to note that firms pay a fee to participate in the survey process. This "pay-to-play" model is common in the world of corporate awards and can inherently limit the pool of candidates to those willing and able to invest in the nomination, potentially excluding other excellent workplaces.

However, dismissing the ranking on that basis would be a mistake. The credibility of the P&I award is significantly bolstered by its methodology. The evaluation of company policies and demographics accounts for only 20% of the final score. The overwhelming majority—a full 80%—is determined by a confidential employee survey that measures the direct experience of the workforce. This heavy reliance on anonymous, aggregated employee feedback provides a powerful and authentic check on a company's claims. For a firm to consistently rank at the top, it must earn genuine, widespread approval from its own people, year after year.

As P&I Editor-in-Chief Julie Tatge noted, the recognized companies "demonstrate a commitment to building and maintaining a strong workplace culture." In this light, the award functions less as a purchased trophy and more as a rigorous, third-party audit of a firm's internal health and employee sentiment.

Winning the Modern War for Talent

Neuberger Berman’s consistent recognition is particularly significant when viewed against the backdrop of the financial industry's escalating "war for talent." Today's top professionals, from portfolio managers to data scientists, are looking for more than just a competitive salary. They are seeking purpose, professional growth, and a culture that supports their well-being. The landscape is further complicated by evolving expectations around hybrid work, diversity and inclusion initiatives, and work-life balance.

In this environment, a validated, award-winning culture becomes a strategic magnet for talent acquisition and a powerful glue for retention. It provides a clear differentiator in a crowded market. For a job seeker weighing offers, the endorsement of a firm’s own employees can be a decisive factor, signaling a workplace that delivers on its promises.

This cultural strength creates a virtuous cycle. By attracting and retaining the best people, the firm enhances its ability to deliver superior investment results and client service. This, in turn, reinforces its reputation and financial stability, allowing it to further invest in its people and its platform. While many firms are scrambling to adapt to new workplace demands, Neuberger Berman's long-standing success suggests its ownership-driven culture has created a resilient and adaptable framework that was already aligned with what top talent values most: a stake in the outcome, a collaborative environment, and a shared commitment to long-term success. It is a model that proves that in the future of business, how you treat your people is inextricably linked to the results you deliver.