Lehman Brothers to sell entire investment management unit?

The latest rumor regarding Lehman Brothers is that it is mulling a sale of its entire asset management unit, not just Neuberger & Berman. This would not be a surprise to anyone. Obviously, all the top banks are considering ways to boost capital ratios. It's unclear what other assets management properties Lehman holds. There may not be a whole lot there beyond Neuberger & Berman, which by one estimate might fetch up to $10 billion. Not a bad chunk of capital, a nice offset to more writedowns, which seem to be on the way (see next item). Of course, with such a sale, you give up a lot in terms of earnings growth. The larger issue is what the Lehman Brothers of the future will look like. It will emerge as a much small company, with less lofty ambitions. Meanwhile, analyst Richard Bove just cut his price target. He wonders if the bank can find a new profit center.   

For more:
- here's an AP article on the rumors about the asset management unit