Neuberger Berman agreed to acquire the wealth management businesses of two Lehman Brothers trust companies, according to a Neuberger Berman statement today.
The price was not disclosed.
The acquisition will add trust, estate and investment services to Neuberger Berman's asset management capabilities for small- to midsize institutional clients and high-net-worth individuals, the statement said.
Robert J. Laughlin, president of Lehman Brothers Trust Co., will lead Neuberger Berman Trust Co. once the transaction closes, which is expected later this year, the statement said.
Further information was unavailable at press time.