NEW YORK, Dec. 20, 2014 /PRNewswire/ -- As it was at its founding in 1939, Neuberger Berman is once again 100% employee owned, having purchased the remaining common equity not previously owned by employees.
Effective December 19, and completed ahead of the schedule announced in 2011, the process ends with Neuberger Berman portfolio managers and senior professionals, representing more than 20% of the firm's more than 2,000 employees, now owning equity in the firm.
George Walker, Chief Executive Officer, remarked on the benefits the firm has enjoyed since May, 2009 when Neuberger Berman emerged from the Lehman Brothers Estate: "Broad employee ownership more closely aligns us with the interests of our clients than other structures might achieve. Returning to our roots as a private partnership enables the firm to focus all of our resources and efforts on managing money and providing customized advice for clients, which further strengthens our culture."
Other Neuberger Berman highlights since regaining independence in May 2009 include:
"Operating with a stronger financial foundation and true worldwide presence since the employee-led buyout in May 2009, Neuberger Berman has added significantly to our diverse investment platform, resulting in broader and deeper relationships with institutional clients, investment advisers, and consultants globally," said Joseph Amato, Neuberger Berman president and chief investment officer.
The path to 100% employee ownership was approved in December 2011 following an agreement reached between Neuberger Berman's management, which at that time owned 52% of the firm's common equity, and the Lehman estate, which held the remaining 48%. The sources of these equity purchases are cash flow from operations and voluntary elections by employees to purchase additional equity.
About Neuberger Berman
Neuberger Berman is a 75-year-old private, independent, employee-owned investment manager. The firm manages equities, fixed income, private equity and hedge fund portfolios for institutions and advisors worldwide. With offices in 17 countries, Neuberger Berman's team is more than 2,000 professionals and the company was named by Pensions & Investments as a 2013 and 2014 Best Place to Work in Money Management. Tenured, stable and long-term in focus, the firm fosters an investment culture of fundamental research and independent thinking. It manages $247 billion in client assets as of September 30, 2014. For more information, please visit our website at www.nb.com.
All information is as of September 30, 2014, unless otherwise indicated and is subject to change without notice. Firm data, including employee and assets under management figures, reflects collective data for the various affiliated investment advisers that are subsidiaries of Neuberger Berman Group LLC. Firm history dates back to the 1939 founding of Neuberger & Berman (the predecessor to Neuberger Berman LLC).
Employee ownership includes employees, recently retired employees and their permitted transferees.
The "Neuberger Berman" name and logo are registered service marks of Neuberger Berman Group LLC. © 2014 Neuberger Berman Group LLC. All rights reserved.
Media Contact: Alex Samuelson, +1-212-476-5392, Alexander.Samuelson@NB.com
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