Neuberger Berman reported that its net revenues dropped 3.8% in the fourth quarter to $151.6 million from $157.5 million for the same period in 2000.
The firm reported a decline in its net income for 2001 over the prior year. Net income was $132.7 million, a 5.6% decline from $140.6 million in the prior year.
The firms mutual fund and institutional businesses improved cash flow, garnering $1.8 billion in 2001 over $1.2 billion the year before, said CEO Jeffrey Lane. However, those businesses reported a 1% drop in fourth quarter revenue, which totaled $55.3 million. Overall, net revenue in 2001 was $223.7 million compared to $224.1 million for the same period the prior year.
The businesses fourth-quarter pre-tax income was up 8.9% to $20.4 million and its pre-tax income for the year over the prior year was up 8.4% to $83.1 million.
Neubergers private asset management unit reached $25 billion in assets under management, but its fourth quarter revenues sank to $73.1 million compared to $76.5 million for the same period the prior year. Overall, however, the division posted a yearly increase in net revenues of 1.7%, amounting to $295.7 million.
"Our ability to attract new and wealthier clients to the private asset management segment has been significantly improved by the stepped-up efforts of our National Trust Company team as well as by the wealth management services we now offer through Executive Monetary Management," Lane said.