“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Monday, 23rd November 2009
Neuberger Berman on Monday declared the completion of a staff-led buyout of the venerable investment manager, according to a Forbes report.
A group of portfolio managers and senior professionals at Neuberger paid $922m (€690m) for a majority stake in the firm in an auction held in December. Lehman Brothers, the company’s former parent, still owns the remainder.
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
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