McKinsey & Company has transferred control of its in-house asset manager, McKinsey Investment Office (MIO), to Neuberger Berman, a New York-based investment firm. The move involves MIO managing the private wealth of McKinsey's partners, marking a significant shift in how the consulting giant handles its partners' assets.

MIO has long managed the personal wealth of McKinsey's partners, operating as an internal investment vehicle. By outsourcing this function to Neuberger Berman, McKinsey appears to be streamlining its operations and reducing potential conflicts of interest. The consulting firm has faced scrutiny over MIO's activities in the past, with critics questioning the propriety of consultants managing their own wealth through an internal entity.

This transition signals McKinsey's effort to address governance concerns while maintaining professional asset management for its partners. The move could help the firm mitigate reputational risks associated with MIO while ensuring partners' wealth continues to be managed by experienced investment professionals. The arrangement reflects a broader trend of consulting firms reevaluating internal operations amid increased regulatory and public scrutiny.