Neuberger Berman's Ray Carroll on tax managed equities investing for family offices
INTERVIEWSERIES
Ray Carroll, Chief Investment Officer – Breton Hill, Managing Director, Neuberger Berman
October 2025
In this exclusive interview, Ray explains what tax managed investing is, why it is of interest to family offices and how it applies to active and passive equities strategies. He discusses what’s supporting the growth in tax managed active extension strategies in equities and shares the main investment trends he is observing among global family offices.
Watch the full interview which covers:
00:15 - What are the biggest investment trends that you are seeing among family offices globally?
00:40 - What is tax managed investing and why is it of interest to family offices?
01:24 - Does tax managed investing apply to active equity strategies, or just passive index investments?
01:48 - What’s behind the growth in tax managed active extension strategies in equities investing, such as 130/30?
02:16 - What do Australian family offices need to know about tax managed equities investing?
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Ray Carroll, Chief Investment Officer – Breton Hill, Managing Director, Neuberger Berman
Ray Carroll, PhD, CFA, Managing Director, joined the firm in 2017. As Chief Investment Officer for the Breton Hill quantitative investing team, Ray is responsible for active equity strategies, tax-managed strategies, and diversifying alternative strategies.
Previously, Ray was a co-founder and the Chief Executive Officer of Breton Hill Capital before it was acquired by Neuberger Berman. He was formerly the Chief Investment Officer for the Mosaic division of Diversified Global Asset Management (DGAM), an alternative investment firm that was subsequently acquired by The Carlyle Group. Ray started his career as Senior Manager at RBC Royal Bank and Vice President at RBC Capital Markets.
Ray holds a PhD in Mathematics from the University of Florida in the field of Inverse Problems and both a MSc and BSc in Mathematics from Dalhousie University.
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