, the New York City-based asset manager formerly owned by Lehman Brothers, has inked a deal to purchase Lehman Brothers Trust Company
and Lehman Brothers Trust Company of Delaware
. The financial terms of the deal were not made public.
The trust businesses were launched in 1994 and formed part of Neuberger Berman until 2005.
Robert J. Laughlin
, the current
president of the Lehman Brothers Trust Company will lead the Neuberger Berman Trust Company when the deal closes later this year.
Neuberger chairman and CEO George Walker
called the purchase a "logical and important step" for the company.
"Reuniting with an independent Neuberger Berman...creates an ideal home for the Trust Company," Laughlin said.
Company Press Release
NEW YORK, July 23, 2009 – Neuberger Berman Group LLC, a leading independent money
manager for institutions and individuals with approximately $158 billion in assets under management
as of June 30, 2009, today announced that it has agreed to acquire the businesses of Lehman
Brothers Trust Company, N.A. and Lehman Brothers Trust Company of Delaware (collectively, the
“Trust Company”). When the transactions close, the spectrum of Neuberger Berman's wealth
management services will once again include a wholly owned trust business.
As part of Neuberger Berman, the Trust Company professionals will continue to provide trust,
estate and investment services to individuals and institutions. Robert J. Laughlin, the current
president of the Lehman Brothers Trust Company, N.A., will lead the Neuberger Berman Trust
Company upon the closing of the transactions.
"We are looking forward to continuing our partnership with the talented professionals of the Trust
Company, working together to meet the needs of our clients," said George Walker, chairman and
chief executive officer of Neuberger Berman. "We and our clients have seen firsthand the value the
Trust Company provides, making this acquisition a logical and important step for our firm."
"Reuniting with an independent Neuberger Berman, which has 70 years of demonstrated
commitment to achieving superb results for its clients, creates an ideal home for the Trust
Company," said Mr. Laughlin. "We look forward to continuing to draw upon Neuberger Berman's
considerable investment strengths and a shared dedication to providing the highest level of client
"Being with a broad-based asset management firm enables us to offer estate planning services as
part of an array of client-services capabilities," said Diane Lederman, managing director and general
counsel. "It is also nice to be home again, since the trust businesses were launched and grew as part
of Neuberger Berman from 1994 until 2005."
The transaction is expected to be completed later this year. Completion of the transaction is subject
to conditions, including approvals by the regulatory authorities and the bankruptcy court. Terms were not disclosed. The professional services firm of Alvarez & Marsal is overseeing the
restructuring of Lehman Brothers Holdings Inc. and working to maximize value for creditors.
About Neuberger Berman
Established in 1939, Neuberger Berman is a leading private, independent employee controlled asset
management company, managing approximately $158 billion in assets as of June 30, 2009.
Neuberger Berman is a leader in providing a broad range of global investment solutions to
institutions and individuals through customized separately managed accounts, mutual funds and
alternative investment products. For more information please visit our website at www.nb.com.
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