New York-based Neuberger Berman, the former Lehman Brothers wealth management subsidiary, has purchased Lehman Brothers Asset Management Europe from Lehman Brothers as part of an employee-led buyout.

The new entity will named NB Europe, becoming the European arm for the newly formed Neuberger Berman Group. Dik Van Lomwel, formerly head of distribution at Lehman Brothers Asset Management Europe, will be the head of NB Europe and Middle East.

NB Europe will provide investment services to institutional and intermediary investors across the UK, Europe and Middle East, working across a range of asset classes and investment styles including fixed income, equities, hedge funds, commodities and private equity.

Neuberger Berman is now majority-owned by an employee group consisting of portfolio managers and senior executives. The firm’s previous owner, Lehman Brothers Holdings, retains the remainder.

The Neuberger Berman Group has approximately $158 billion in assets under management and employs around 1,600 people.