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Neuberger Team Wins Lehman's Asset Division

Law360 (December 4, 2008, 12:00 AM EST) -- A cadre of senior employees and managers of Neuberger Berman, Lehman Brothers Holdings Inc.’s asset management arm, outbid rivals Wednesday in an auction for Lehman’s prized investment management division.

The amount of the winning bid, put forward by a group composed of Neuberger’s portfolio managers, the management team and senior professionals, has not been disclosed. The management bid was selected as the highest offer because it offered "greater value and certainty of closing," according to Neuberger’s press release.

The auction terms required the winning bid to...
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