US investment bank Lehman Brothers has added to its wealth management capabilities with the acquisition of New York-based money manager HA S...

US investment bank Lehman Brothers has added to its wealth management capabilities with the acquisition of New York-based money manager HA Schupf.

Schupf specialises in managing money for high net worth clients and currently has $2.5 billion under management.

Terms of the deal were not disclosed, although Lehman said founder H Axel Schupf and his daughter Elisabeth Lonsdale, a former vice president at Goldman Sachs, would join its Kamen Ganek Nackenson high net worth team.

Lehman will merge Schupf into its Neuberger Berman asset management unit, which manages around $50 billion for high net worth clients.

Lehman’s investment management division has around $207 billion under management.