New York-based asset manager Neuberger Berman Group LLC has completed an employee-led buyout, the firm said Monday.

The firm, which was owned by the now-defunct Lehman Brothers Holdings Inc., is now majority-owned by an employee group consisting of portfolio managers and senior professionals.

“We are thrilled to begin this new chapter in Neuberger Berman’s rich investment history,” said George Walker, chairman and chief executive officer of the firm. “Our newly independent company offers enduring qualities for all investment seasons: deep experience, solid performance, and a lasting partnership with our clients.”

The firm has approximately US$158 billion in assets under management for institutions and individuals. It currently employs approximately 1,600 people, including more than 250 investment professionals. Approximately 50% of the assets are managed in core and specialty fixed income and liquidity portfolios, approximately 40% in a broad range of equity portfolios, and approximately 10% in alternative investment products including hedge funds and private equity funds.

IE