NEW YORK — The New York asset management firm Neuberger Berman has agreed to buy Delta Capital Management’s private asset management business.

Delta Capital, of New York, has $550 million of assets under management. The private business would join Neuberger Berman’s $3 billion money management unit.

Francis L. Fraenkel and Peter K. Loeb, the co-founders and managing directors of eight-year-old Delta Capital, would join Neuberger Berman as money managers in its private asset management group.

The deal, expected to close by yearend, does not include Delta’s $250 million institutional assets business, which would remain independent. Financial terms were not disclosed.

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