Lehman Brothers sells Neuberger Berman division

Lehman Brothers the failed US investment bank has agreed to sell its investment management division to Hellman Friedman and Bain Capital both private equity firms for a price of $2.15 billion (£1.19 billion).

In addition to Lehman’s property investment and private equity the deal includes the Neuberger Berman asset management unit that takes care of around $130 billion of investments.

Analysts were valued Lehman Brothers investment management division around $10 billion shortly after the investment bank filed for Chapter 11 bankruptcy, which is way off the $2.15 billion that Hellman Friedman and Vain Capital have actually paid.

Lehman’s North American business was sold to Barclays for $1.7 billion. Japanese brokerage Nomura brought Lehman Brothers Asia, Middle East and European operations for a bargain price as the failed bank struggled to sell off any parts of its business that was relatively healthy since its bankruptcy filing.

Read the full article: timesonline