More On Legal & Compliancefrom The Advisor's Professional Library
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- Best Practices for Working with Senior Investors Securities examiners deal harshly with RIAs that do not fulfill their fiduciary obligations toward senior investors, as the SEC and state securities regulators view older investors as particularly vulnerable and in need of protection.
Two major private equity firms, along with some of the current management of Neuberger Berman, will acquire the asset management remainder of the former Lehman Brothers firm in a deal valued at $2.15 billion in cash.
The PE firms are Bain Capital and Hellman & Friedman; the other parties to the deal are the fixed income and certain alternative asset management businesses of Lehman Brothers' Investment Management Division in partnership with portfolio managers, the management team, and senior professionals, the acquirers said in a release announcing the acquisition.
The deal will create an independent asset management company with $230 million in AUM.
George Walker, the global head of investment management for Lehman Brothers, will be CEO of the new firm, to be called Neuberger Investment Management.