Neuberger & Berman, the New York-based asset management firm, announced Wednesday that it plans to go public.
The 59-year-old firm filed with the Securities and Exchange Commission to pursue an initial public offering after its 62 principals voted "overwhelmingly" to take the company public, according to a statement.
The offering is expected to take place this fall and will be led by Goldman Sachs & Co., the New York investment bank. The IPO will include a primary offering by Neuberger & Berman representing new financing, as well as a secondary offering of a minority interest in the firm by its principals.
After the stock offering the principals would own 85% of the firm, and all employees who joined before June 26 would have an equity stake in the company, the statement said.
Discussing his reasons for taking this route, Lawrence Zicklin, managing principal, said, "As a public company we'll have the resources and flexibility to meet clients' and our firm's growing needs."
Neuberger & Berman manages over $59 billion of assets.