“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Monday, 23rd November 2009
Neuberger Investment Management has tabled a bid to acquire Lehman Trust, the Manhattan-based unit of Lehman Brothers, according to a report in Private Asset Management.
Barclays Wealth had been eyeing the assets of the division, which caters to high-net-worth clients within the bankrupt Wall Street firm’s Private Client Group.
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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