Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A 'Boring' Fund Firm Returns to Independence Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, May 1, 2009

A 'Boring' Fund Firm Returns to Independence

by: Armie Margaret Lee

Neuberger Berman is returning to life as an independent company as early as today, but don't expect strategic changes or product rollouts, at least in the near future.

"We're going to be boring for a while," Neuberger Berman chairman and CEO George Walker told the Wall Street Journal's Shefali Anand in an interview published in the Friday edition of the Fund Track column.

Neuberger's focus, he said, will be on delivering performance for clients.

In December, a group of Neuberger managers and senior employees emerged as the winning bidder for the Lehman Brothers unit, beating an earlier offer by private equity firms Bain Capital and Hellman & Friedman.

Neuberger's common equity will be 51 percent-owned by roughly 200 of its 1,700 workers. The remainder will be owned by Lehman's estate, administered by restructuring firm Alvarez & Marsal.

In the article, Anand noted that since September, Neuberger lost a third of its assets. It ended March with $155 billion. Walker told Anand that Neuberger is "solidly profitable" at the current market levels.

Meanwhile, a Neuberger spokesperson told The MFWire that contrary to what was reported in the Fund Track column, Neuberger is not under pressure to repay more than $800 million of perpetual preferred stock it had issued to Lehman's estate.

"The preferred shares are equity, not debt, and can be adjusted to reflect market conditions," the spokesperson said. "There is no pressure to repay preferred stock."  

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

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use