More On Legal & Compliancefrom The Advisor's Professional Library
- Whistleblowers A whistleblower is any individual providing the SEC with original information related to a possible violation of federal securities law. The Dodd-Frank Act established a whistleblower program that enables the SEC to reward individuals who voluntarily provide such information.
- The Need for Thorough and Effective Policies and Procedures Whethere an advisor is SEC or state-registered, RIAs must revise their policies and procedures to address significant compliance problems occurring during the year, changes in business arrangements, and regulatory developments.
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.