(Bloomberg) -- A $402 billion money manager is throwing its hat into the $7 trillion ETF arena, joining a year of record launches.
Neuberger Berman Group LLC filed to list three funds on Thursday in an application with the Securities and Exchange Commission. If launched, the Neuberger Berman Carbon Transition Infrastructure ETF, the Neuberger Berman Disrupters ETF and the Neuberger Berman Next Generation Connected Consumer ETF would be the firm's debut products.
ETF holdouts across Wall Street have capitulated over the past few years as low fees and seemingly nonstop flows lure issuers to the vehicles. Accelerating the shift is a late 2019 SEC rule change that streamlined the approval process for new funds while making it easier to manage ETFs that invest in less-liquid securities. U.S. ETFs have already absorbed over $800 billion in 2021, shattering last year's record haul of roughly $494 billion.
All three of Neuberger Berman's proposed offerings will invest at least 80% of assets in equities. Management fees and tickers are not yet listed in the filing.
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