New York-based Neuberger Berman is now majority-owned by an employee group consisting of portfolio managers and senior professionals of the newly independent company. The firm's previous owner, Lehman Brothers Holdings, retains the remainder.

Formed in 1939, Neuberger Berman employs approximately 1,600 people, including more than 250 investment professionals, and is a provider of global equity, fixed income and alternative investment solutions to institutions and individuals through customized separately managed accounts and funds.

Approximately 50 per cent of the assets are managed in core and specialty fixed income and liquidity portfolios, approximately 40 per cent in a broad range of equity portfolios, and approximately ten per cent in alternative investment products including hedge funds and private equity funds.

'We are thrilled to begin this new chapter in Neuberger Berman's rich investment history,' says George Walker, chairman and chief executive officer of Neuberger Berman. 'Our newly independent company offers enduring qualities for all investment seasons: deep experience, solid performance, and a lasting partnership with our clients.'

'Neuberger Berman brings to the marketplace seven decades of experience in managing the valued assets of families and institutions,' says Joseph V. Amato, president of Neuberger Berman. 'We are confident our clients and colleagues will continue to benefit from our distinct investment culture, intense focus on research, and commitment to client service.'

William J. Fox and Jack D. McCarthy, Jr., managing directors of Alvarez & Marsal, the professional services firm overseeing Lehman Brothers Holdings and working to maximize value for creditors, will both serve on the board of the newly independent firm.