The pricing will be far below the $8 billion reported originally, the source, who asked not to be named, said.
According to the banker, the value of the deal would be closer to $3 billion for 100% of the Lehman Brothers, which includes storied investment manager Neuberger Berman.
An online survey conducted by InvestmentNews days before the bankruptcy revealed that 82% of financial advisers were sticking with Neuberger Berman.
As Wall Streets financial crisis spun out of control, Lehman Brothers declared bankruptcy in Sept. 13.
Other sources said that, along with Hellman & Friedman, another private-equity firm may also be involved in the talks for the Lehman Brothers business.
Lehman Brothers asset management business had $277 billion in client assets at the end of May.
When asked about the potential deal, a spokeswoman for Hellman & Friedman, Monica Everett, said the firm was not going to comment on that.
Hellman & Friedman is no stranger to the financial services business.
In 2005, it became one of two private-equity firms to own a majority stake in LPL Financial of Boston, the industrys largest independent-contractor broker-dealer.
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