By the time Neuberger Berman launched its first mutual fund in July 1987 (Municipal Intermediate Bond Fund) it had already been managing money for nearly half a century.
Roy Neuberger and Robert Berman founded the money manager as a partnership in 1939 to serve high-net-worth individuals. It now manages money across all asset classes.
Initial Public Offering
In 1999, Neuberger Berman IPO'd, raising $50 million for its principals and two payments of $134 million and $150 million for its employees.
Sale to Lehman Brothers
Four years later, in 2003, Neuberger executives sold the firm to Lehman Brothers for $2.6 billion.
2008 Crash and Spinoff
The merger was not to be long-lived: when Lehman Brothers collapsed in September 2008, the future of Neuberger Berman was thrown into limbo. At first, the bankrupted Lehman shopped NB as a possible adoption: the private equity firms Bain Capital and Hellman & Friedman signed a deal to purchase Neuberger, but the deal fell through when Lehman's bankruptcy judge decided the selling price was too low.
Instead, Neuberger Berman went to an auction in December 2008, where a small group of Neuberger senior managers and employees purchased the firm for a price that did not include any cash. The managers purchased 51 percent of Neuberger's assets, leaving the other 49 percent with the Lehman Brothers estate.
Current
Today, Neuberger Berman is once again an independent, employee-controlled firm under the leadership of CEO George Walker (a second cousin to both former presidents of the same name).
In November 2009, after a five year teaching stint at Columbia University, 13-year NB veteran Greg Francfort returned to Neuberger Berman as head of equity research.
Sponsored Opportunities
Key People:
George Walker CEO, Neuberger Berman
Robert Conti President and CEO, NB Equity Funds, Neuberger Berman
Robert Matza President and COO, Neuberger Berman, Llc
Neil Siegel Head of Marketing & Product Development at Neuberger Berman,
Dan T Zelazny Managing Director, Retirement and Sub-Advised Group, Neuberger Berman
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