NEW YORK -- Lehman Bros. Holdings Inc. confirmed the acquisition of SG Cowen's high-networth brokerage business.
Terms weren't disclosed. In a press release Monday, Lehman said the acquisition is part of the expansion of its Private Client Services activities.
According to an article Monday in The Wall Street Journal, Lehman agreed to buy the brokerage unit for about $50 million in a deal that would give Lehman an additional $10 billion in assets under management.
SG Cowen's high networth business currently includes up to 60,000 accounts and about 130 investments representatives. SG Cowen is a unit of French bank Societe Generale SA. Lehman is a financial services company that offers investment and merchant banking services, as well as underwriting fixed income, equities, asset management, institutional sales and private client services.