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Thursday, May 29, 2008

Two Neuberger MDs Depart to Join a Former Colleague

by: Erin Kello

Integre Advisors, a SMA shop for wealth investors, has hired away two managing directors and portfolio managers from Neuberger Berman. Dan McCarthy and Nels Wangensteen joined Integre as principals and portfolio managers. It's no secret as to why the two were lured away from Neuberger. Manny Weintraub, founder of Integre, was himself a former managing director at Neuberger.

Company Press Release

NEW YORK – May 28, 2008 – Money management firm Integre Advisors has announced the addition of Dan McCarthy and Nels Wangensteen to its investment team. Mr. McCarthy and Mr. Wangensteen join the firm as Principals and Portfolio Managers.

Both Mr. McCarthy and Mr. Wangensteen were previously Managing Directors and Portfolio Managers at Neuberger Berman.

“I have known Dan and Nels for years, and they are top-class investors,” says Manny Weintraub, Founder of Integre Advisors and himself a former Managing Director for Neuberger Berman. “Their thoughtful, growth-oriented investment strategies are very complementary to the work that Integre does, and we are thrilled to have them join our team.”

“Our investment strategy over the years has focused on digital delivery of services for consumers,” says Mr. McCarthy. “Instead of owning companies that manufacture tech products, we focus on companies that use internet technology to develop new consumer applications, new, more productive ways of doing things – companies like eBay and Google.”

“Our strategy has held up well over time, and we have been able to follow it around the world,” Mr. Wangensteen adds. “For example, we noticed a few years ago that internet usage was growing faster outside the US , so we followed the digital delivery model into China . Internet applications serving the Chinese consumer now represent about 20% of our portfolio.”

Mr. Wangensteen continues, “There are two broad themes in our portfolio. One is a focus on disruptive internet technologies that are enabling consumers to be more productive, and the other is that the rise of the Chinese consumer is going to be a major factor in driving the growth of the global economy. At year-end 2008, there will be more internet-enabled consumers in China than in the United States .

“We have always been impressed with Manny’s intellect and stock-picking ability, and his client-oriented approach. We are delighted to be joining the Integre team.”

Prior to Neuberger Berman, Nels Wangensteen was a portfolio manager at Ingalls & Snyder, where he specialized in managing assets for wealthy individuals and institutional businesses. Prior to that, he was Vice President at the Industrial Bank of Japan . He holds an MBA from NYU’s Stern School of Business, and a BA from Colgate University .

Dan McCarthy has over 43 years of experience in security analysis and portfolio management. From 1995 to 1999, he was a broker, portfolio manager, and securities analyst at Ingalls & Snyder. The prior 16 years were at The Bank of New York, where, as a trust officer, he managed high net worth family trusts. Many of these former Bank of New York Trust clients continue as Integre clients today, several into the third generation. Mr. McCarthy holds both an MBA and BA from Cornell University .

Integre Advisors is at present a $286.6-million asset management firm that invests in companies it believes are attractively valued but temporarily out of favor.  

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