Neuberger Berman will end up in the hands of a group of senior managers and senior employees, The New York Times' Deal Book reports. Their bid beat out a joint offer by Bain Capital and Hellman & Friedman, plus one other bid, partly because it offered more certainty, according to The Times, citing an anonymous source.

Neuberger's management will spin off the division, majority owned by executives and employees. The Lehman estate would keep a "significant portion" of Neuberger, the report stated. 

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