Neuberger Buyout Completed

Neuberger Berman Group LLC announced Monday that an employee-led majority buyout of the money manager has been completed.

The New York firm, which has $158 billion of assets under management, was a unit of Lehman Brothers Holdings Inc., which will retain a minority stake.

Formed in 1939, Neuberger Berman has 1,600 employees, including more than 250 investment professionals. It provides global equity, fixed-income and alternative investment products and services to institutions and individuals through customized separately managed accounts and funds.

William J. Fox and Jack D. McCarthy Jr., managing directors of Alvarez & Marsal, will serve on the board of the newly independent firm. Alvarez & Marsal is the professional services firm overseeing Lehman, which filed for bankruptcy protection last year.

For reprint and licensing requests for this article, click here.
Wealth management
MORE FROM AMERICAN BANKER