Neuberger Berman managers have bid for and won the right to buy the asset management business in a court-supervised sale, a source told sister publication Investment Dealers' Digest.

In September, Bain Capital Partners and Hellman & Friedman, two private equity firms, announced plans to buy Neuberger Berman.

Lehman Brothers, which owned Neuberger Berman, filed for bankruptcy on Sept. 15. The brokerage firm's petition was the largest bankruptcy in the history of U.S. corporate failures. Leh-man has more than 100,000 creditors. Its assets totaled $639 billion and liabilities totaled $613 billion when it filed for court protection.

A price for the purchase was not immediately available, and the sale will have to be approved by the judge overseeing the case. A hearing for the sale is expected later this month.

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