Neuberger Berman is continuing to build its high-networth business through acquisition. The New York-based money manager revealed in its quarterly earnings release that it has picked up another $800 million in assets under management through the purchase of Oscar Capital Management. Terms of the deal were not disclosed. It is expected to close prior to year-end.

The firm stated that all four senior partners of Oscar Capital Management, LLC -- Andrew K. Boszhardt, Jr., Anthony Scaramucci, Yolanda Turocy and Brett Messing -- will join Neuberger Berman as managing directors in the firm's Private Asset Management group.

Oscar Capital specialized in separate accounts and investment partnerships for high-networth investors.

Neuberger president and CEO Jeffrey B. Lane also reported that the firm's mutual Fund and Institutional business had a positive net cash flows of $169 million in the third quarter. Assets under management at quarter-end were $52.1 billion, down from $56.5 billion and $58.2 billion at September 30, 2000 and June 30, 2001, respectively. Mutual fund assets frll to $30.4 billion from $34.0 billion the prior quarter.

Net income for the firm was $33.5 million, or $0.47 per share (diluted and basic), for the third quarter ended September 30, 2001. In the comparable period in the prior year, net income was $35.3 million, or $0.47 per share (diluted) and $0.48 per share (basic).

Cash earnings for the quarter, which exclude non-cash items such as deferred taxes and depreciation and amortization, were $39.4 million, or $0.55 per share (diluted) and $0.56 per share (basic), versus $38.3 million, or $0.51 per share (diluted) and $0.52 per share (basic) in last year's period.

Net revenues declined in the quarter compared with the prior year to $149.9 million from $151.7 million.  

See the list of all the 2001 Most Influential People



Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE