Dechert Advises Neuberger Berman on ERISA Aspects of US$26 Billion Acquisition of MIO

Dechert advised Neuberger Berman on selected ERISA-related (Employee Retirement Income Security Act of 1974) considerations of its US$26 billion acquisition of McKinsey & Company’s internal investment management arm (MIO).

MIO, a global investment and wealth manager serving McKinsey’s partners, employees and alumni, has US$26 billion in assets under management, including approximately US$20 billion in alternative investment strategies. The agreement follows a strategic review McKinsey launched in early 2025, prompted by MIO's significant growth and expansion over the last 25 years.

Neuberger Berman will onboard MIO’s investment teams that manage alternative investment strategies and its advisory business that serves McKinsey partners, as well as the associated supporting functions. The agreement is expected to close in 2026 and is subject to customary closing conditions, including client consent and regulatory approvals.

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939.

McKinsey & Company is a global management consulting firm committed to helping organizations accelerate sustainable and inclusive growth.

The Dechert team that advised Neuberger Berman included employee benefits partners Steven W. Rabitz and John W. Schuch along with associate Brie Michaelson.

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