Lehman Brothers Buys New York Wealth Manager

Lachlan Colquhoun

21 November 2006

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.