A group consisting of portfolio managers, the management team and senior professionals ("Management") have agreed to acquire a majority interest in Neuberger Berman and the fixed income and alternative asset management businesses of Lehman Brothers' Investment Management Division. The Proskauer Rose team that represented the winning bidders included James Gerkis, Rima Moawad, Peter Samuels, Jeff Levitan and Mike Sirkin.
As part of the transaction, a new, independent investment management company to be called Neuberger Investment Management will be created comprising businesses that managed approximately $160 billion of assets as of November 30, 2008. Management will control 51 percent of the new company with Lehman Brothers Holdings Inc. retaining a 49 percent stake. Final bankruptcy court approval and closing is expected in the first quarter of 2009.