Neuberger Berman Group has completed the purchase of Lehman Brothers Asset Management (Europe) from the Lehman Brothers entities in administration. Neuberger Berman Europe (NB Europe), as the entity will now be named, will become the European arm for the newly formed Neuberger Berman Group.

Dik Van Lomwel, former head of distribution at Lehman Brothers Asset Management (Europe) will be the head of NB Europe and Middle East.

The deal forms part of the Neuberger Berman Group completion of an employee-led buyout of the 70-year-old company, creating one of the world's largest private, independent money managers with approximately $158 billion in assets under management for institutions and individuals.

In the UK, Europe and the Middle East, NB Europe will provide investment capabilities and services to institutional and intermediary investors across a range of asset classes and investment styles including fixed income, equities, hedge funds, commodities and private equity.

Approximately half of the assets are managed in core and specialty fixed income and liquidity portfolios, 40% in a broad range of equity portfolios and 10% in alternative investment products including hedge funds and private equity funds.

Neuberger Berman is now majority-owned by an employee group consisting of portfolio managers and senior professionals of the newly independent company.

Formed in 1939, Neuberger Berman employs approximately 1,600 people, including more than 250 investment professionals.