Weil Gotshal & Manges and Proskauer Rose have taken the lead roles on Lehman Brothers Holdings’ deal to sell its asset management division, which includes Neuberger Berman, to a group of Lehman managers, reports The Am Law Daily.
Under the terms, which were announced on Wednesday (3 December), the management group will acquire 51% of a newly-formed business called Neuberger Investment Management. The new entity will have about $160bn (£109bn) in assets under its control. Lehman Brothers Holdings will retain a 49% stake.
