Neuberger Replaces Andersen with KPMG
May 20, 2002
The board of directors of Neuberger Berman of New York has replaced Arthur Andersen of Chicago as the firm's independent auditor with KPMG.
The board made the decision after the firm's executives and audit committee conducted an extensive review of Andersen, the company announced.
The company made no reference to the Enron scandal or the U.S. Department of Justice March 14 indictment of the accounting firm. On the contrary, Neuberger Berman said the decision was not the result of any disagreement with Andersen or question of accounting principles or practices.
"We appreciate the professionalism of Arthur Andersen over the years, and look forward to our new relationship with KPMG," Robert Matza, Neuberger chief operating officer, said in a statement.
Other fund complexes have recently replaced Andersen as their independent auditor, including Northern Trust Co. and AMVESCAP, parent company of AIM Management and INVESCO Funds [see MFMN April 1].