This PrivCo private company report on Neuberger Berman Group LLC provides a detailed Neuberger Berman Group LLC company profile, consisting of Neuberger Berman Group LLC financials, Neuberger Berman Group LLC mergers and acquisitions details, including where Neuberger Berman Group LLC acquires another company, and more private company information on Neuberger Berman Group LLC
Neuberger Berman Group LLC summary:
Founded in 1939 and based in New York City, by Roy Neuberger and Robert Berman, private company Neuberger Berman provides mutual funds and investment management services to individuals and institutions. As of 2010 it was the fourth largest privately-held investment management company in the United States.
A privately held company for virtually its entire history, Neuberger Berman had its IPO in 1999. It was sold to Lehman Brothers in 2003 for a mixture of cash and stock for $2.63 billion at the time of announcement.
When Lehman collapsed in 2008, Neuberger Berman management acquired a 51% stake and spun off Neuberger Berman into a private company. Neuberger Management beat out a nearly completed acquisition deal with two private equity firms. The bankruptcy estate of Lehman Brothers'creditors continues to hold a 49% stake in Neuberger Berman (see PrivCo M&A Table for Neuberger Berman for more deal details, including the cancelled private equity deal for Neuberger Berman.)
Co-founder Roy Neuberger died in 2010 at age 107, having gone to the Neuberger Berman's offices daily well into his 90s.