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Lehman Considers Sale of Money Management Division
Neuberger Berman Unit Could Bring $13B
August 20, 2008
U.S. investment bank Lehman Brothers is considering shedding part or all of its money management division in order to raise capital and ease real estate losses, according to the International Herald Tribune.
Lehman was testing the waters last week by sending letters to several private equity firms like Apollo Management, the Blackstone Group, the Carlyle Group, J.C. Flowers, Kohlberg and Kravis & Roberts.
The bank’s investment management division includes Neuberger Berman, which Lehman acquired for $2.6 billion in 2003. Neuberger Berman’s value is estimated to be valued as much as $13 billion.
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