To commemorate yesterday’s $2.5 billion sale of Neuberger Berman, the core of Lehman Bros’ asset management business, to private equity firms Bain Capital and Hellman & Friedman, step forward another clutch of Wall Street’s Finest (© Jeff Matthews):
Neuberger Berman, based on comparisons with other asset management firms, is valued at $6.5 billion by Standard & Poor's equity research and $13 billion by Ladenburg Thalmann & Co. The business is worth $8 billion according to Fox-Pitt Kelton Cochran Caronia Waller. Hintz, a former chief financial officer at Lehman who rates Lehman shares “market perform,” estimates the unit’s value at $7 billion.
Valuations that, to be fair, were no more delusional than most in Dick Fooled’s Fantasyland.
by Yalman Onaran
Bloomberg Aug. 12 2008
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