When Lehman Brothers went belly up, the fate of asset management firm Neuberger Berman--which is considered a crown jewel--was thrown up in the air. Bain Capital and Hellman & Friedman thought it had a deal, but the court set a deadline for other bids.

In the end, a group of portfolio managers and executives won the right to buy for $1.2 billion a 51 percent stake in Neuberger Berman, and Lehman's fixed income and alternative asset management businesses. A new management company, to be called Neuberger Investment Management, will be created; it will manage $160 billion of assets as of November 30, 2008. At one point, Neuberger Berman was valued at more than $7 billion.  

For more:
- here's a release

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