NEW YORK (HedgeWorld.com)–Neuberger Berman Inc. hired Lipper & Co.’s high yield bond team, including the daughter of Lipper founder Ken Lipper, and terminated Arthur Andersen LLP as its independent auditor.
Neuberger entered into an agreement with Lipper for its high yield team to join Neuberger during the third quarter. The group, led by Wayne Plewniak and Daniella Lipper Coules, manages more than US$500 million in “investment partnerships,” mutual funds, and institutional accounts at Lipper, according to a Neuberger statement.
Jeffrey B. Lane, Neuberger’s president and chief executive, said the deal doesn’t include hedge funds. Mr. Plewniak will be senior portfolio manager and managing director, while Ms. Coules will be a portfolio manager and managing director.