According to a media release, when the transactions close, the spectrum of Neuberger Berman’s wealth management services will once again include a wholly owned trust business. As part of Neuberger Berman, the Trust Company professionals will continue to provide trust, estate, and investment services to individuals and institutions.
Robert J. Laughlin, the current president of the Lehman Brothers Trust Company, N.A., will lead the Neuberger Berman Trust Company upon the closing of the transactions.
The transaction is expected to be completed later this year. Completion of the transaction is subject to conditions, including approvals by the regulatory authorities and the bankruptcy court.
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