Lehman Brothers, the global investment bank, has agreed to acquire money manager David J. Greene and Company, LLC, a 70-year-old New York money management firm.
The transaction adds to the capabilities of Neuberger Berman, which manages approximately $145 billion in assets for high net worth and institutional clients.
Started in 1938 and still run by its founding family, New York-based David J. Greene, with assets under management of approximately $2 billion, focuses on stocks it believes are significantly undervalued with a catalyst capable of moving the price toward its intrinsic value.
With 10 investment professionals, David J. Greene becomes one of the money-management teams within Neuberger Berman Private Asset Management. The acquisition of David J. Greene is part of the firms continuing focus on enhancing its offerings for high net worth clients.
“The addition of this talented team of money managers underscores the Firms commitment to expanding our world-class asset management capabilities. We are pleased to add David J. Greenes special situation value investing strategies to our broad and growing Private Asset Management platform,” says Joseph V. Amato, global head of Asset Management for Lehman Brothers.
“We are excited about continuing David J. Greenes legacy of excellence as part of Neuberger Berman. With the resources and support of Lehman Brothers behind us, we can focus on making sound investment decisions for our clients,” adds Michael C. Greene, CEO and chief investment officer of the firm started by his grandfather.
The transaction, structured as an asset purchase, is expected to close in the third quarter. The terms of the transaction were not disclosed.