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Friday, September 12, 2008

Is Neuberger Still For Sale?

by: Neil Anderson, Managing Editor

The Neuberger Berman saga continues, with Dow Jones' Marietta Cauchi reporting that Lehman Brothers is still taking bids for 55 percent of its asset management arm (which includes Neuberger), even as names like Bank of America, J.C. Flowers and the Chinese sovereign wealth fund pop up as possible joint-buyers of all of Lehman. If a complete Lehman sale is really in the works, would a Neuberger-centric deal be put on hold first?

Sources told Cauchi that there are five bidders for Neuberger so far, in advance of Friday's deadline, including some private equity firm bidders who may look familiar to fundsters: Bain Capital, Clayto Dubilier & Rice, Hellman & Friedman and Kohlberg Kravis Roberts (see MFWire, September 4, 2008). And on Thursday fund industry consultant Burt Greenwald told Dow Jones that Goldman Sachs and Putnam might make sense as buyers, too (see MFWire, September 12, 2008). 

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