Neuberger Berman Group, the privately-held money manager, is introducing a mutual fund that accesses the top holdings of a number of its equity teams that are “less benchmark constrained.”

The long-only fund, called the Neuberger Berman Flexible Select Fund, combines strategies from 17-20 portfolio management teams that have higher tracking error and are focused on absolute returns. The teams mainly manage assets for high net worth clients of the firm and have been chosen for their performance, risk management and liquidity characteristics.

The process of selecting, reviewing and rebalancing the underlying investment teams will be overseen by an investment committee chaired by Joseph Amato, president and chief investment officer of Neuberger Berman.

"At Neuberger Berman, we have more than 40 talented teams under our roof investing globally across the market spectrum, and our new Flexible Select Fund aims to bring some of their best ideas to mutual fund investors," said Amato. "As clients are increasingly interested in outcomes, this fund also provides the oversight of an expert investment committee to allocate and rebalance the portfolio."

Neuberger Berman had $216 billion in assets under management as of March 31, 2013.