Three weeks after confirming it was in acquisition negotiations,
Lehman Brothers, best known for its investment banking, securities underwriting and private client services is anxious to bolster its asset management capabilities, diversify its business revenue and offer its clients access to Neuberger Bermans array of products, services, and asset management expertise, said Richard S. Fuld, Jr., Lehman Brothers chairman and CEO, in a teleconference Tuesday.
The merger brings Neuberger access to Lehmans lineup of capital market products, and alternative investments for its clients. But more importantly, the deal allows Neuberger, for the first time, to expand beyond its U.S client base and tap into Lehmans international clients.
The deal is expected to close in the fourth quarter, pending necessary regulatory approval.
