Neuberger Berman, Lehman Bros Trust Cos to be reunited
Thu Jul 23, 2009 3:53pm E
BOSTON, July 23 (Reuters) - Money management firm Neuberger Berman Group LLC, which once belonged to failed investment bank Lehman Brothers, on Thursday said it will acquire the businesses of Lehman Brothers Trust Co N.A. and Lehman Brothers Trust Co of Delaware.
The privately held company, which oversees $158 billion in assets, did not disclose terms of the deal, which was reached less than a year after Lehman Brothers collapsed at the depths of the financial crisis.
The acquisition will allow Neuberger to again offer trust and estate services to individual clients and institutions. The trust businesses were launched and grew as part of Neuberger Berman from 1994 until 2005. Neuberger, which was part of Lehman's investment management businesses, was sold to its own management.
Robert Laughlin, currently president of Lehman Brothers Trust Co N.A., will head Neuberger Berman Trust Co after the transaction is completed, most likely later this year. (Reporting by Svea Herbst-Bayliss; Editing by Phil Berlowitz)
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