News
April 23, 2008
NEW YORK, April 23, 2008 — Lehman Brothers, the global investment bank, today announced an agreement to acquire money manager David J. Greene and Company, LLC, a 70-year-old New York money management firm. The transaction adds to the capabilities of Neuberger Berman, which manages approximately $145 billion in assets for high net worth and institutional clients.
Started in 1938 and still run by its founding family, New York-based David J. Greene, with assets under management of approximately $2 billion, focuses on stocks it believes are significantly undervalued with a catalyst capable of moving the price toward its intrinsic value. With 10 investment professionals, David J. Greene becomes one of the money-management teams within Neuberger Berman Private Asset Management. The acquisition of David J. Greene is part of the Firm’s continuing focus on enhancing its offerings for high net worth clients.
“The addition of this talented team of money managers underscores the Firm’s commitment to expanding our world-class asset management capabilities,’’ said Joseph V. Amato, global head of Asset Management for Lehman Brothers. “We are pleased to add David J. Greene’s special situation value investing strategies to our broad and growing Private Asset Management platform.”
“We are excited about continuing David J. Greene’s legacy of excellence as part of Neuberger Berman,’’ said Michael C. Greene, chief executive officer and chief investment officer of the firm started by his grandfather. “With the resources and support of Lehman Brothers behind us, we can focus on making sound investment decisions for our clients.” The transaction, structured as an asset purchase, is expected to close in the third quarter. The terms of the transaction were not disclosed.
Lehman Brothers’ Asset Management business, which includes Neuberger Berman, offers proprietary products, across traditional and alternative asset classes, through a variety of distribution channels to individuals and institutions. Asset Management is one of three businesses within Lehman Brothers’ Investment Management Division. The others are Private Investment Management, which offers comprehensive investment, wealth advisory and capital markets execution services for high net worth individuals and businesses, leveraging all of the resources of the Firm; and Private Equity, which provides investment opportunities in privately negotiated transactions across a variety of asset classes for institutional and qualified individual investors. Investment Management Division assets under management totaled $277 billion as of February 29, 2008.
Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients and high net worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo and operates in a network of offices around the world. For further information about Lehman Brothers’ services, products and recruitment opportunities, visit our Web site at www.lehman.com.
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