Neuberger & Berman, as expected, is going public. The money manager plans to offer 15% of the firm in a public offering this fall. The IPO will include a primary offering by Neuberger & Berman for new financing and a secondary offering of minority interest by Neuberger principals. No information was immediately available on the offering price.
Goldman, Sachs is lead manager of the offering. Neuberger, a 59-year-old private New York firm with 62 principals, manages about $59 billion in total assets, of which about 25% is U.S. institutional tax-exempt.