Catenaa, February 10, 2026 – McKinsey & Co. has agreed to hand over its $20 billion investment arm to Neuberger Berman, marking a major strategic shift for the consulting firm.
The move underscores growing pressure on professional services firms to reduce conflicts of interest. Regulators and clients have increasingly questioned advisory firms that also manage capital.
The unit, known as McKinsey Investment Office, oversees assets for partners, retirees, and select institutional clients. It has expanded steadily over the past decade, benefiting from strong private market returns.
Under the agreement, Neuberger Berman will assume full control of the platform. Staff and investment mandates will transition over time, according to people familiar with the deal.
McKinsey will retain no direct ownership in the business. Financial terms were not disclosed.
The handover allows McKinsey to sharpen its focus on core consulting operations. It also reduces reputational and regulatory risk at a sensitive time for the firm.
McKinsey has faced heightened scrutiny recently. Governments and corporate clients have questioned its role in high-profile controversies. The presence of an internal investment arm added another layer of complexity.
For Neuberger Berman, the acquisition deepens its footprint in outsourced investment management. The firm already oversees more than $450 billion globally and has a strong presence in alternatives.
The deal reflects broader consolidation in asset management. Scale has become critical as fees compress and compliance costs rise.
Institutional investors are also shifting toward established managers with global infrastructure. That trend favors firms like Neuberger, which can efficiently absorb large portfolios.
The transaction highlights a clear separation between advice and asset management. That distinction is increasingly important for winning mandates from regulators and public institutions.
While McKinsey exits direct investment management, it remains influential in shaping corporate and government strategy worldwide.
The move signals a cleaner operating model. It may also set a precedent for other consulting firms facing similar pressures.
