In a scramble to sell off the healthy parts of the devastated investment bank,
Lehman Brothers Private Fund Advisors, the investment manager for
LBPE’s board of directors believe the transaction will significantly benefit the company, and argue it will provide the management team with a strong platform from which to continue managing LBPE’s private equity portfolio.
“The transaction will create a focused, independent investment management company poised to be a leading provider of world class traditional and alternative investment products and services,” said a spokesman for Lehman Brothers.
The sale is subject to regulatory and certain investor approvals and is the third sale of assets since the 158 year old investment bank filed for bankruptcy on September 15.