Private Asset Management Business Will Be Acquired

Neuberger Berman of New York has announced that it intends to acquire the private asset management business of Delta Capital Management LLC, also of New York, which has approximately $550 million in assets under management. Terms of the transaction were not disclosed but it is expected to close before the end of the year. Francis L. Fraenkel and Peter K. Loeb, managers of Delta's private asset management group, will be managing directors at Neuberger Berman's private asset-management group, the firm announced. Both Fraenkel and Loeb specialize in the large-cap growth style of management.