Officials at Neuberger Berman Group today completed the management buyout of the firm.
Terms were not available.
The newly independent firm runs a total of $158 billion in active domestic and international equity, active and passive fixed income, quantitative strategies, private equity, hedge funds and commodities, according to a Neuberger Berman news release.
Neuberger Berman executives own a 51% stake of the firm while the firms former parent company, Lehman Brothers Holdings, holds the remainder, said Randall B. Whitestone, a Neuberger Berman spokesman. Lehman Brothers Holdings currently is working through Chapter 11 bankruptcy proceedings.
Neuberger Berman has 1,600 employees, 250 of which are investment professionals, and is led by George H. Walker, chairman and CEO, and Joseph V. Amato, president.
It is wonderful to see the firm independent once again and moving forward with a continuing commitment to common-sense investing, Roy R. Neuberger, who co-founded Neuberger Berman in 1939, said in the release.