A news release said the employee group consists of portfolio managers and “senior professionals” at Neuberger, which has about $158 billion in assets under management. The deal was first announced in early December (see Management Prevails in Neuberger Berman Bid ).
According to the announcement, approximately 50% of Neuberger’s assets are managed in core and specialty fixed income and liquidity portfolios, approximately 40% in equity portfolios, and approximately 10% in alternative investment products including hedge funds and private equity funds.
“This transaction represents a superb outcome for the Lehman estate and its creditors, as well as for Neuberger Berman’s clients and employees,” said .William J. Fox, managing director of Alvarez & Marsal, the professional services firm overseeing Lehman Brothers Holdings, in the announcement. “We are pleased to be able to support Neuberger Berman as it re-establishes its independence.”
Fox and Jack D. McCarthy, Jr., also a managing director, will serve on the board of the newly independent firm.
Formed in 1939, Neuberger Berman employs approximately 1,600 people, including more than 250 investment professionals.
More information is at www.nb.com.
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