NEW YORK The New York asset management firm Neuberger Berman has agreed to buy Delta Capital Managements private asset management business.
Delta Capital, of New York, has $550 million of assets under management. The private business would join Neuberger Bermans $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 Deltas $250 million institutional assets business, which would remain independent. Financial terms were not disclosed.
