Sunday, 29 March 2015
Last updated 2 days ago
Sep 30 2008 | 9:55am ET
Private equity firms Bain Capital and Hellman & Friedman will pay $2.15 billion for most of bankrupt Lehman Brothers Holdings’ asset management unit, including its Neuberger Berman mutual fund business.
The sale price is a fraction of what Lehman hoped to raise from the sale prior to its bankruptcy filing. Earlier this summer, experts predicted the investment bank could fetch as much as $13 billion for Neuberger Berman alone.
In addition to the mutual fund group, Bain and Hellman are buying part of Lehman’s private equity group, with Michael Odrich, who leads the p.e. division, joining the new company. Tony Tutrone, who heads the private funds investment group, will also join the Bain-Hellman firm.
The sale does not include Lehman’s minority stakes in several hedge fund managers, including GLG Partners.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…