Move follows a strategic review of the unit that manages wealth for the firm's partners, employees and alumni, signaling a structural shift for the consulting giant.
McKinsey & Company has entered into an agreement to transfer its internal investment and wealth management business, MIO Partners, to the independent investment manager Neuberger Berman. The deal will move MIO, which has $26 billion in assets under management, under the Neuberger umbrella.
The agreement, announced February 10, 2026, is the result of a strategic review McKinsey launched in early 2025. MIO Partners was established over 25 years ago to serve the investment and financial advisory needs of McKinsey's partners, employees and alumni. Of its $26 billion in assets, approximately $20 billion is in alternative investment strategies.
According to the announcement, MIO's significant growth and expansion prompted McKinsey to seek an external partner to act as a long-term steward for the business.
"For more than 25 years, MIO has delivered distinctive services to McKinsey's partners, colleagues and alumni," said Bob Sternfels, Global Managing Partner of McKinsey & Co. "McKinsey set out to find a long-term partner that could build on what makes MIO great. Neuberger is that partner."
As part of the transaction, Neuberger Berman will onboard MIO's investment teams, its advisory business and associated support functions. MIO is known for several investment strategies, including its flagship Special Situations strategy, which employs a multi-strategy approach. These capabilities are expected to be integrated into Neuberger's existing investment platform.
George Walker, Chairman and CEO of Neuberger, commented on the cultural fit between the two organizations. "Neuberger and McKinsey share strong cultural alignment as private, employee-owned firms with a singular focus on serving the long-term interests of clients," Walker stated.
MIO's leadership affirmed that its services for current and former McKinsey partners will continue. "We are grateful for our longstanding partnership with McKinsey and will continue to provide our flagship Special Situations strategy and, with the added capabilities that Neuberger brings to the table, even more robust financial advisory services for current and former McKinsey partners," said Basil Williams, CEO of MIO.
The transaction is expected to be finalized in 2026, subject to customary closing conditions, including client consent and regulatory approvals. Financial terms of the agreement were not disclosed.
SOURCE: Neuberger Berman
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