Three weeks after confirming it was in acquisition negotiations, Lehman Brothers signed an agreement Monday to acquire 100% of wealth manager Neuberger Berman for a total price of $2.63 billion in cash and Lehman stock. Neuberger, which manages 29 open-end mutual funds in addition to $24 billion for wealthy investors, will become part of Lehman Brothers’ Client Services Wealth and Asset Management Business, and will retain the Neuberger moniker.

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 Berman’s array of products, services, and asset management expertise, said Richard S. Fuld, Jr., Lehman Brothers chairman and CEO, in a teleconference Tuesday.

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