Management Team Outbids Bain and Hellman & Friedman for Neuberger

December 3rd, 2008
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In a press release today it was announced that a management led group of employees had will acquire a majority interest in Neuberger Berman. The group, consisting of portfolio managers, the management team and senior professionals, is purchasing the Neuberger division as well as the fixed income and alternative asset management businesses of Lehman Brothers’ Investment Management.

The new firm will be called Neuberger Investment Management will and will have approximately $160 billion in assets under management. Management will control 51% and the bankrupt Lehman Brothers Holdings Inc entity will retain a 49% stake. George Walker, the former global head of investment management for Lehman, will be CEO of the new entity, while Joe Amato will continue to lead the equity-focused Neuberger Berman division, its largest operating unit.

The Management bid was selected over a September bid that came from the private equity firms of Bain Capital and Hellman & Friedman. At the end of the firm’s press release Allen Thorpe of Hellman & Friedman stated “while we are disappointed not to win the bidding for this important business, we wish George Walker and the rest of the NIM management team well” and Phil Loughlin of Bain Capital added “ “we have utmost respect for the Company, its senior management team and portfolio managers and remain confident in NIM’s continued success.”
See Press Release
For Detailed Investor Profiles on these Investors, click below:
Neuberger Berman
Related People: George Walker; Robert Berman*; Roy R. Neuberger*
Related Entities: David J. Green & Co; Lehman Brothers Holdings; NB Alternatives Advisory & Placement Group; NB Climate Change Fund; Neuberger Berman Equity Income Fund; Neuberger Berman Focus Fund; Neuberger Berman Private Asset Management
Related Article Tags: Investment Management, Fund Manager and General Financial News

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