Data & Research May 5, 2009

Retirement Income Planning – Front and Center

How involved are advisers in retirement income planning and what products do they prefer?
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To try to answer this question, PLANADVISER is conducting a survey of retirement plan advisers evaluating how they view retirement income planning and products. The survey asks questions about demographics, plan participant retirement income preparedness, and products.

All responses will be kept confidential and survey results will be published in an upcoming issue of PLANADVISER magazine. Survey responses will be pooled for reporting purposes, and the published survey results will not mention any respondents.

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If you are a retirement plan adviser, please spend a few minutes filling out the short survey here.

 

Deals & People May 4, 2009

Neuberger Finalizes Employee Buyout

An employee group finalized a deal to acquire a majority ownership stake in Neuberger Berman Group LLC, with the now-defunct Lehman Brothers continuing to hold the rest of the 70-year-old money manager.
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A news release said the employee group consists of portfolio managers and “senior professionals” at Neuberger, which has about $158 billion in assets under management. The deal was first announced in early December (see “Management Prevails in Neuberger Berman Bid’).

Approximately 50% of Neuberger’s assets are managed in core and specialty fixed-income and liquidity portfolios, approximately 40% in equity portfolios, and approximately 10% in alternative investment products including hedge funds and private equity funds, according to the company.

“This transaction represents a superb outcome for the Lehman estate and its creditors, as well as for Neuberger Berman’s clients and employees,” said William J. Fox, managing director of Alvarez & Marsal, the professional services firm overseeing Lehman Brothers Holdings, in the release. “We are pleased to be able to support Neuberger Berman as it re-establishes its independence.”

Fox and Jack D. McCarthy, Jr., will serve on the board of the newly independent firm.

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

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