It's been four years since the management team at Neuberger Berman decided to spend $922 million in order to acquire a majority interest in their firm and the fixed income and alternative asset management businesses of Lehman Brothers' Investment Management Division in the wake of Lehman's collapse.

Fast forward to November 2011: Lehman Brothers Holdings Inc. decides to sell the rest of its equity stake in Neuberger to the investment-management affiliate for $1.5 billion and puts the firm on the path to independence. And two weeks ago, the Advisor Solutions Group at Neuberger added 11 senior regional directors in 10 new regions to grow its mutual funds business among wirehouses and regional broker dealers.

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