Several top executives and money managers at Lehman Brothers Holdings Inc., the bankrupt money management firm, will get retention bonuses valued at a cumulative $400 million when the sale of its investment-management business to Bain Capital LLC and Hellman & Friedman LLC is completed, according to published reports.
Boston-based Bain and San Francisco-based Hellman agreed to purchase most of the asset-management business from Lehman on Sept. 29 in a deal that valued the unit at $2.15 billion.
The purchasers will deduct the employee awards from the amount they pay the investment bank for the assets, Lehman's lawyers said yesterday in a court filing, according to a Bloomberg report.
Executives who stand to receive bonuses are George Walker, global head of money management, who will be the chief executive Neuberger Investment Management and Joseph V. Amato, who will run Neuberger Berman.
The complete list of names of the money managers who are receiving bonuses has not been disclosed.
Under the proposed arrangement, top Lehman employees and portfolio managers will receive a total of 16.8% of the equity in the purchased assets.
A call to Lehman was not immediately returned.
Lehman, Neuberger Investment Management and Neuberger Berman are all based in New York.
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