Lehman Brothers announced it has agreed to acquire David J Greene & Co, a New York money management company for high-net-worth and institutional clients.

Financial terms of the deal, expected to close in the third quarter, were not disclosed in Lehman’s statement on the matter.

The acquired company employs 10 investment professionals and oversees about $2 billion of assets in separate accounts and other small-cap and all-cap stock vehicles. The 70-year-old firm, which specialises in "special situation" value-investing strategies, will be integrated into Lehman's Neuberger Berman Private Asset Management unit, the statement said.