Neuberger Berman

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An independent, employee-owned global investment management firm serving institutional and private investors.

Last updated August 31, 2026

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Overview

Neuberger Berman is a privately held, independent investment management firm based in New York. Founded in 1939 by Roy Neuberger and Robert Berman, the firm began as an investment manager with a strong equity orientation and later developed capabilities across public and private markets. Its activities include equity, fixed-income, private-equity, hedge-fund, liquid-alternative and emerging-markets strategies, as well as related wealth-management and fiduciary services. The firm serves a broad client base. Institutional clients include pension plans, charitable foundations, sovereign wealth funds, insurance-related investors, financial institutions and other large asset owners. Private clients include high-net-worth individuals and mutual-fund investors, who may access the firm's strategies directly or through advisers, intermediaries and other distribution partners. In addition to investment management, Neuberger Berman provides selected private-client services such as financial planning, trust and fiduciary services. A defining chapter in the firm's history came through its ownership by Lehman Brothers. Neuberger Berman was acquired by Lehman in 2003 and operated within Lehman's investment-management activities until Lehman's 2008 bankruptcy. Neuberger's management subsequently competed with outside private-equity bidders to acquire the business from the bankruptcy estate. The employee-backed bid prevailed in a December 2008 bankruptcy auction, and the business was separated from Lehman in 2009. The resulting organization also included Lincoln Capital Fixed Income Management and Crossroads Group. After its separation from Lehman, Neuberger Berman emphasized independence, employee ownership and long-term investment capability. Lehman creditors initially retained an economic interest, but the preferred equity was repaid in 2012 and the firm returned to full employee ownership by the end of 2014. The independent company expanded its international presence and broadened its investment platform beyond traditional equities into fixed income, private markets, alternatives and emerging markets. Its growth strategy included additional offices and acquisitions, including the 2017 purchase of Toronto-based Breton Hill Capital. Neuberger Berman also presents itself as a values-led organization. Its NB Impacts program combines employee volunteering with grant-making through the Neuberger Berman Foundation, with stated priorities including at-risk children, youth education and economic sustainability. The firm maintains a corporate art collection connected to Roy Neuberger's collecting interests and to the company's long-standing use of contemporary art in its offices. The firm remains privately held and employee-owned. It manages portfolios for institutions, advisers and private investors across global markets. A November 2025 reference describes the firm as managing approximately US$558 billion in client assets; that figure is time-specific and should not be treated as a current figure without an updated company disclosure.

History

Neuberger Berman traces its origins to 1939, when Roy Neuberger and Robert Berman co-founded the investment firm in the United States. Roy Neuberger was also known for his interest in modern and contemporary art, a cultural influence that later became part of the firm's corporate identity. The business developed as an investment manager focused principally on equities before expanding into a broader platform serving institutions and private investors. In 2003, Neuberger Berman entered a major ownership transition when Lehman Brothers acquired the firm. The transaction was announced in July and completed on October 31 for approximately US$2.63 billion in cash and securities. Under Lehman, Neuberger became part of the Investment Management Division. Lehman also acquired Lincoln Capital Fixed Income Management and Crossroads Group during the same period, businesses that later became part of the independent Neuberger Berman organization. The 2008 collapse of Lehman Brothers created an existential ownership crisis but did not immediately halt Neuberger's operations. After Lehman filed for bankruptcy on September 15, Neuberger's management sought to separate the investment-management businesses from the failed parent. Lehman initially agreed to sell the businesses to Bain Capital Partners and Hellman & Friedman. A competing management bid was subsequently submitted and prevailed in a bankruptcy auction on December 3, 2008. The separation was completed in May 2009. The new organization, Neuberger Berman Group LLC, included Neuberger Berman, Lincoln Capital and Crossroads. Lehman creditors initially retained a 49 percent common-equity interest and an $875 million preferred-equity position whose coupon could rise over time. The preferred position was fully repaid in 2012. Larry Zicklin rejoined the organization as a board member after the transaction. The management-led restructuring was widely regarded in the asset-management industry as a notable employee-led rescue of a business from a major bankruptcy. During the years after independence, Neuberger Berman expanded its geographic reach and investment capabilities. It added coverage in Asia-Pacific and other international markets to support overseas clients and broadened beyond its historic equity base into emerging-markets debt, high-yield bonds, liquid alternatives and private equity. The firm reported substantial asset growth between 2010 and 2014, and by the end of 2014 it had returned to full employee ownership. Its ownership model became a central part of its positioning, with the firm linking employee participation to independence and talent retention. The firm continued to expand through acquisitions. In September 2017, it acquired Toronto-based Breton Hill Capital, an investment manager whose assets and quantitative capabilities complemented Neuberger's broader platform. In October 2024, a consortium led by Neuberger Berman and including EQT and the Canada Pension Plan Investment Board agreed to acquire Nord Anglia Education, an international operator of private schools. This transaction illustrated the firm's role not only as an asset manager but also as a sponsor and investor in large private-market transactions. Neuberger's corporate culture includes philanthropy and art. NB Impacts combines employee community service with grant-making through the Neuberger Berman Foundation. Its stated focus areas include children and young people at risk, educational opportunity and economic sustainability. The firm also maintains a contemporary-art collection. The collection reflects Roy Neuberger's early influence, was developed institutionally from the 1990s, and was partly rebuilt after the firm's art holdings had been absorbed into the Lehman Brothers collection and later sold. Today, Neuberger Berman describes itself as a private, independent and employee-owned investment manager. Its platform spans public equities, fixed income, private equity, hedge funds, liquid alternatives and other private-market strategies. Clients include pension funds, foundations, sovereign investors, financial institutions, advisers, mutual-fund investors and high-net-worth individuals. A reference updated in November 2025 reported approximately US$558 billion in client assets, although asset figures change with markets, flows and reporting dates.

2024
Nord Anglia Education acquisition agreement
[1]Neuberger Bermanen.wikipedia.org
A consortium led by Neuberger Berman agreed to acquire Nord Anglia Education.
2017
Breton Hill Capital acquisition
[1]Neuberger Bermanen.wikipedia.org
The firm acquired Toronto-based Breton Hill Capital.
2014
Full employee ownership restored
[1]Neuberger Bermanen.wikipedia.org
Neuberger Berman returned to full employee ownership.
2012
Preferred equity fully repaid
[1]Neuberger Bermanen.wikipedia.org
The preferred-equity interest held for Lehman creditors was fully repaid.
2009
Independent Neuberger Berman Group established
[1]Neuberger Bermanen.wikipedia.org
The business completed its separation from Lehman and was organized as Neuberger Berman Group LLC.
2008
Management buyout bid succeeds
[1]Neuberger Bermanen.wikipedia.org
After Lehman's bankruptcy filing, Neuberger management won a bankruptcy auction to acquire the relevant asset-management businesses.
2003
Acquisition by Lehman Brothers
[1]Neuberger Bermanen.wikipedia.org
Lehman Brothers completed its acquisition of Neuberger Berman, bringing it into Lehman's investment-management division.
1939
Firm founded
[1]Neuberger Bermanen.wikipedia.org
Roy Neuberger and Robert Berman co-founded the investment firm that became Neuberger Berman.

Products and positioning

An independent, employee-owned active investment manager combining public-market, private-market and alternative capabilities for institutional and private clients.

Public markets · 1939
Equity strategies
Neuberger Berman manages equity portfolios for institutional and private clients across domestic and international markets. The firm's equity heritage remains an important part of its platform, while its broader capabilities allow equity strategies to be combined with fixed income, private markets and alternatives in multi-asset allocations.
Public markets
Fixed-income strategies
The firm's fixed-income platform covers bond and credit-oriented investment management, including areas such as high-yield and emerging-markets debt. These strategies are offered to institutions, advisers and other investors seeking income, diversification or credit exposure.
Alternative investments
Private equity and private markets
Neuberger Berman invests in private equity and other private-market opportunities. The capability supports institutional portfolios and also underpins the firm's participation in large private transactions, including acquisitions led or sponsored by its investment platforms.
Alternative investments
Hedge funds and liquid alternatives
The firm offers alternative strategies intended to provide differentiated sources of return, risk management or portfolio diversification. These include hedge-fund portfolios and liquid-alternative approaches that can be used alongside traditional equity and fixed-income allocations.
Pooled investment products
Mutual funds
Neuberger Berman makes a range of investment strategies available through mutual funds and related intermediary channels. These products allow individual investors and advisers to access professionally managed equity, fixed-income and alternative portfolios.
Wealth management
Private-client services
For eligible private clients, Neuberger Berman provides wealth-management-related services that may include financial planning, fiduciary administration and trust services, alongside investment management for high-net-worth individuals and families.

Marketing campaigns

201475th-anniversary Celebration with Service
Global
For its 75th anniversary, the firm organized 75 volunteer projects around the world as part of its employee-service program.
Outcome. Expanded visibility for the firm's employee-volunteering and community-impact activities.
Source
2012Celebration with Service
Global office locations
Neuberger Berman's annual spring service program mobilizes employees for community projects in cities where the firm operates. Activities have included work with youth, older adults, parks and community organizations.
Outcome. The program became part of the broader NB Impacts platform.
Source

Brand decisions

2024
Agree to acquire Nord Anglia EducationM&A
Background
Neuberger Berman participated in a consortium seeking a large private-market investment in international education.
Action taken
A consortium led by Neuberger Berman and including EQT and the Canada Pension Plan Investment Board agreed to acquire Nord Anglia Education.
Agreed transaction value. Approximately US$14.5 billion (October 2024 agreement)
Source
2017
Acquire Breton Hill CapitalM&A
Background
Neuberger Berman pursued expansion of its investment platform and international capabilities.
Action taken
The firm acquired Toronto-based Breton Hill Capital.
Aftermath
The transaction added investment capabilities and approximately US$2 billion in assets under management at the time of the reference.
Assets under management associated with Breton Hill Capital. Approximately US$2 billion (2017 transaction reference)
Source
2014
Reinforce full employee ownershipStrategy
Background
Following the post-Lehman restructuring and repayment of the preferred equity, the firm sought to establish a durable independent ownership structure.
Action taken
Neuberger Berman returned to full employee ownership.
Aftermath
Employee ownership became a central part of the firm's independent-market positioning and corporate culture.
Source
2008
Pursue a management-led acquisition after Lehman bankruptcyM&A
Background
Lehman Brothers' bankruptcy put its asset-management businesses into a sale and restructuring process.
Action taken
Neuberger Berman management submitted a competing bid and won the bankruptcy auction against an outside private-equity proposal.
Aftermath
The firm separated from Lehman in 2009 and operated as an independent employee-controlled organization.
Initial preferred-equity position held by Lehman creditors. US$875 million (2009 restructuring)
Source
2003
Accept Lehman Brothers acquisitionM&A
Background
Neuberger Berman entered merger discussions with Lehman Brothers and agreed to a transaction that would place the firm within Lehman's investment-management business.
Action taken
The acquisition was completed on October 31, 2003.
Aftermath
Neuberger operated as part of Lehman's investment-management division until Lehman's 2008 bankruptcy.
Acquisition consideration. Approximately US$2.63 billion in cash and securities (2003)
Source

Recent events

2024
Consortium led by Neuberger Berman agrees to acquire Nord Anglia Education[1]Neuberger Bermanen.wikipedia.org
M&A
A consortium led by Neuberger Berman, with EQT and the Canada Pension Plan Investment Board, agreed to acquire international private-school operator Nord Anglia Education for approximately US$14.5 billion.
2017
Neuberger Berman acquires Breton Hill Capital[1]Neuberger Bermanen.wikipedia.org
M&A
Neuberger Berman acquired Toronto-based investment manager Breton Hill Capital, expanding its capabilities and client assets.
2014
Neuberger Berman returns to full employee ownership[1]Neuberger Bermanen.wikipedia.org
Other
The firm reached full employee ownership, reinforcing its independent ownership model after the Lehman-era transition.
2012
Neuberger Berman repays preferred equity owed to Lehman creditors[1]Neuberger Bermanen.wikipedia.org
Other
The firm's preferred-equity obligation to Lehman creditors was fully repaid, reducing the legacy financial connection to its former parent.
2009
Neuberger Berman completes separation from Lehman[1]Neuberger Bermanen.wikipedia.org
M&A
The firm emerged as Neuberger Berman Group LLC after its separation from Lehman, incorporating Neuberger, Lincoln Capital and Crossroads.
2008
Lehman Brothers files for bankruptcy while Neuberger continues operating[1]Neuberger Bermanen.wikipedia.org
Bankruptcy
Following Lehman Brothers' bankruptcy filing, Neuberger Berman continued operating and pursued separation from its parent.
2008
Management-led bid wins Neuberger Berman bankruptcy auction[1]Neuberger Bermanen.wikipedia.org
M&A
Neuberger Berman management successfully outbid a consortium led by Bain Capital and Hellman & Friedman for the asset-management businesses being sold through Lehman's bankruptcy process.
2003
Neuberger Berman acquired by Lehman Brothers[1]Neuberger Bermanen.wikipedia.org
M&A
Lehman Brothers completed its acquisition of Neuberger Berman for approximately US$2.63 billion in cash and securities, making the firm part of Lehman's investment-management division.

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