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.

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