Lehman Brothers Neuberger to be sold for $2.15 bn

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New York, September 30:: Two of the world's leading private equity firms -- Bain Capital Partners and Hellman & Friedman -- has agreed to acquire Lehman Brothers' 69-year-old asset management firm Neuberger Berman for 2.15 billion dollar.

The acquisition includes Neuberger Berman and the fixed income and certain alternative asset management businesses of Lehman Brothers Investment Management Division, in partnership with portfolio managers, the management team and senior professionals.

As part of the transaction, a new, independent investment management company would be created comprising businesses that managed more than 230 billion dollar of assets as of August 31, 2008, an announcement said.

Lehman Brothers Global Head of investment management George Walker will be Chief Executive of Neuberger Investment Management and Joe Amato would continue to lead Neuberger Berman.

"We are excited and energised about what this means for our clients and our employees," George Walker said in a statement, adding, "I can't think of two better partners than Bain Capital and Hellman & Friedman, with proven track records of creating value in financial services, and asset management in particular."

Michael Odrich, head of private equity, and Tony Tutrone, head of the private funds investment group, will also join the company.