More On Legal & Compliancefrom The Advisor's Professional Library
- Risk-Based Oversight of Investment Advisors Even if the SEC had a larger budget and more resources, it is doubtful that the Commission would have the resources to regularly examine all RIAs. Therefore, the SEC is likely to continue relying on risk-based oversight to fulfill its mission of protecting investors.
- Client Communication and Miscommunication RIA policies and procedures must specify what type of communications should be retained. The safest course of action is for RIAs to retain all communicationsto clients, from clients, and about client accounts. To comply with fiduciary obligations, communications must be thorough and not mislead.
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.